An interchangeable jewelry setting system that allows for the insertion, removal and replacement of ornamental elements onto a jewelry piece is provided. The jewelry piece may comprise any type of or piece of jewelry onto which an ornamental setting may be fitted such as, for example, a ring, necklace, earring, bracelet, broach, pin, etc. Likewise, any ornamental element may be disposed on the interchangeable setting of the invention, such as, for example, a metallic engraving, ornamental design element, etc.