Badly needed: Variable Price Items

I've been thinking about your post for a few days now.

Wouldn't it work to have a wedding band be the product. With variants for the additions/amendments?

Rose gold band - product
1. Large diamond, medium diamond, small diamond.
2. Size
3. Etc

Or is it not that straight forward for pricing?
1 year e-commerce, 7 years B&M store.