Firstly, I think this is partly just because I was able to fancy up that rendering with a brass effect and black for the details. For some reason, I'm not able to do that on the new model now in my software.
But, yes, I went back and forth with the jewelry designer quite a few times on this and my first intuition was to agree with you. However, she maintains that there are various constraints in the design that require picking between design features: such as whether everything lines up properly versus how it is sized and spaced, all constrained by the diameter of the bead and the sizing of nearby elements. The design you see now is a slightly painful compromise between the various options. I have agreed to get it printed and see if it looks right in person. The designer also is of the opinion that while these indentations may look deep in the rendering when it's actually fabricated they'll look much more faint/shallow. We'll see.
The earlier design did have problems. For one, the Greek key pattern wasn't interconnecting in a way that it appears to be on the original (see next paragraph) Also, the parallel lines in the center design feature weren't evenly spaced and didn't line up in the same way as we see in the photos. There was also a brass area separating the deep right-angle features from the neighboring diagonal-line ribbon, whereas in the photos they abut.
I did change one thing about your design, Elvis. It is my viewing of the photos that the black areas interconnect on the Greek key design rather than the light ones. So I had her make the design like the right-hand side of my modification of your drawing below rather than the original left.
The designer also pointed out that the diagonal lines appear to flip direction as you cross the line of symmetry, which I think is debatable but plausible. Her interpretation of the photo is reflected in her final model.
So, in short, I agree with you that the final result is less than absolutely perfect, but I think it's worth it at this point to move to a physical model and see how it looks in our hands with real light bouncing off of it.