My thought is that you could have the diamond unset from the ring and reset into an earring, then get another gem (maybe a birthstone) to replace the diamond in the original filigree ring setting. That way, you get the earring that you will wear a lot, and still have the original setting intact.
ETA, turning the existing ring as it is into an earring may be too heavy on the ear. If you keep the new earring design simple, it shouldn't be too expensive.



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