Abstract: Systems and methods are disclosed for magnetically interchangeable jewelry that use planar surfaces and recessed magnets so that planar metallic disks (or other shapes) can be used as interchangeable ornamental features for the magnetically interchangeable jewelry. The interchangeable elements formed of a magnetically attractive material are releasably affixed to a base containing a recessed magnet (e.g., neodymium). The base is substantially flat other than an ornamental design and the ornamental elements rely on the strength of the magnet to firmly hold them in place rather than being recessed into the base or snapped into place. Other shapes could also be used for the interchangeable elements, if desired. The magnetically interchangeable jewelry can take a variety of forms including rings, bracelets, earrings, lanyards, multiple pendants on one necklace and/or other jewelry embodiments.