An improved retaining mechanism for use with a pierced earring having an ornament having a stem. The retaining mechanism has a base with an opening therein through which the stem of the earring passes, a cylindrical tube extending from the base with threads on an external surface. An inner wall of the tube tapers from its open end toward the base. A cap is provided that has a closed end with an opening therein through which the stem of the earring passes. The cap has threads formed on an inner surface that mate with the threads on the external surface of the cylindrical tube. A tapered member extends from the closed end of the cap and is tapered along its exterior wall. The external taper of the tapered member substantially matches the internal taper of the cylindrical tube. The tapered member has a slot formed in its wall. A compressible member is secured in the tapered member and has an opening therethrough that is aligned with the openings in the base and the cap, and has a slot that is aligned with the slot in the tapered member. The tapered member may have one or more circumferential projections, with the tapered inner surface of the cylindrical tube having a mating groove, or vice-versa. The projection and groove engage each other when the cap and base are screwed together so that they do not inadvertently disengage.