As I have frequently griped, I wish AEPhi had a white gold option.
As it is, our only option is guard or no guard. (There are now two badge options, but they are all but identical.) You could order a chapter guard later on if you didn't want to spring for one right away - as we all know, the new member semester is the most expensive (setting aside costs for living in-house in a housed chapter). In my case, I had to wait for my guard, because I was initiated while my chapter was still a colony. Only when we were chartered and had an actual chapter designation could we get guards.
I don't think I would have gone for bling as a collegiate even if we'd had the option. I would have been paranoid about losing it, or about pinning a little sister with it and having her lose it.
If AEPhi announced a white gold option tomorrow, I'd be first in line. But since it will never happen (we all have identical badges for a reason), I suppose I will have to live with the badge I received at my initiation.
I do also have one other piece of jewelry with my letters. My school has a
very distinctive class ring, but women also have the option of a dinner ring. (I got both.) The dinner ring can be white or yellow gold. On one shank they engrave your class year. On the other shank, you can choose your sorority letters or "MIT". I went with my sorority letters, and white gold(!). I've frequently worn this ring to events such as weddings.