A clasp for releasably fastening two objects is disclosed. The clasp includes a male member and a female member. The female member includes a displaceable member that is movable between a first position and a second position. In the first position, the displaceable member precludes insertion of the male member into or removal of the male member from the female member. In the second position, the male member may be inserted into or removed from the female member. Alternatively, the clasp may include two objects that each contain both male and female parts. Interchangeable jewelry pieces comprising the clasp and a method for removably securing two jewelry pieces are also disclosed.