For starters, you can work down in subcategories a good bit farther than just "gold rings". It seems reasonable to have a number of styles of gold rings as the products; this will let you display pictures of typical examples, and then the customer can go into the product to select stones, endpieces, etc.
You may consider the balance between a strict logical heirarchy of features and a more level spread of feature combinations. Having to pick between crystal and swarovski pearl before picking through a few colors doesn't strike me as easier than picking between six distinct stone options.
If you have one product that can vary radically in appearance depending on options chosen, how will the customer know which she wants to explore? Don't make the customer try all the combinations before seeing what they look like. Many of them should be visible side by side in a listing.



