A jewelry arrangement with plural gemstones exhibiting variegated light reflectance with a body portion, a plurality of through-holes in the body portion, and a plurality of gemstones retained relative to first and second openings of each through-hole. A light chamber is defined by each through-hole and the gemstones whereby light can reach the portions of the gemstones retained adjacent to the first openings only after passing through the gemstone retained relative to the second opening of that through-hole and vice versa. The gemstones retained relative to the first openings can be substantially clear, and the gemstones retained relative to the second openings can be colored. The jewelry arrangement can comprise a ring, an earring, or any other structure. Where the jewelry arrangement is a ring, clear stones, such as diamonds, can be retained along an outer surface of the shank and colored stones, such as rubies, can be disposed along an inner surface of the shank.