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Can this ring be modified?

It would be better if the picture of where the head joins the shank is clearer but from what I can see, it looks like the basket is placed just above the shank so that it should be relatively easy enough to replace that with a larger head. It doesn’t seem to look like an integrated basket.
 
Yes, the head could be replaced, but would need to be cut out and the new head soldered in with a lower temperature solder than is usually used on platinum. The reason being that there are a couple of small diamonds on either side of the head and normal platinum solders require so much heat that those stones would probably be burned if platinum solders were used. The other effect of using a different sized head is that the size of the ring would change as different heads have different widths. You might be able to span the gap with a smaller head, but a larger head would require cutting the band equally on each side in order to get back to the original size.
 
I love VC rings. I'm no help on the modifications, but I think personally I'd just search for a CS that fit the existing head. I'd be too afraid of messing with the shank.
 
If you're coloured stone is the same size as the diamond then it's a very easy job.

However, if the dimensions are different and the head isn't re-useable then you may have to have a whole new head put on the ring. It's very do-able by an experienced benchman. I've done this a number of times sucessfully and I'm just about to buy a setting that needs the head replacing to fit my stone!!!!
 
This is such a beautiful ring! I would absolutely buy it.

Maybe you can work together with a cutter and have him cut a stone that would fit into the setting?
 
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