Abstract: The present invention relates to assemblies and methods for interchangeable jewelry, as are disclosed herein. The assemblies and methods disclosed herein enable individuals to customize jewelry through the use of interchangeable decorative elements. In one embodiment, a jewelry assembly comprises: (a) a frame containing a recessed portion wherein the frame is constructed from a material with magnetic properties; (b) a decorative element coupled to a magnet wherein the decorative element is sized to fit within the recessed portion of the frame wherein the magnet removably secures the decorative element within the recessed portion of the frame such that the exposed portion of the decorative element does not sit flushly within the recessed portion of the frame.