Jeweler Cathy Waterman and daughter Claire Winter Kislinger (who is Taylor Swift's longtime friend) created a special replica of the ring from Swift's new album cover, available to shop now

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RED (Taylor’s Version) Album Ring by Cathy Waterman
Credit: Beth Garrabrant

Taylor Swift's collaborating with jeweler Cathy Waterman on a sentimental RED ring inspired by the one she wears on the cover of her latest album, RED (Taylor's Version), and the partnership holds an extra-special meaning for the star.

Swift, 31, worked closely with Waterman and the jeweler's daughter Claire Winter Kislinger, who has been the singer's close friend for over a decade, to create an accessibly-priced $45 replica of the ring she wears on the new album cover.

RED (Taylor’s Version) Album Ring by Cathy Waterman

The idea blossomed because Swift actually wore Waterman's signature LOVE Ring (which Waterman and Winter Kislinger gifted to her in 2011) while writing the original RED album. In honor of its re-release (dropping Nov. 12), the trio decided to create a new iteration for the album art and now, a version for fans to shop too.

Taylor Swift and Claire Winter Kislinger
Taylor Swift and Claire Winter Kislinger
| Credit: TAS Rights Management

"Our friendship has always been really important to me. Taylor is such a steady, reliable friend," says Winter Kislinger, who shared exclusive photos with Swift through the years with PEOPLE. "The collaboration is significant to me personally and for the brand as well. My mom has always said that the people she wants to be associated with most are talented, strong, hard-working women. Check. Check. Check."

Claire Winter Kislinger and Taylor Swift
Claire Winter Kislinger and Taylor Swift
| Credit: TAS Rights Management

Waterman describes the design process as a "challenge," but says she had so much "fun" working with Swift on the new ring. "I love the album and identify with much of the music. I saw the ring in my mind and started drawing," she tells PEOPLE. "It happened very quickly as some of the best things do."

They made sure to weave in unique details that diehard Swifties will appreciate. "We sat together designing, making sure it had the same feeling of the LOVE Ring and could also be easy to read. Fun fact: the LOVE Ring has thorns in the design because they're a part of love and life. The RED Ring does too. It has 13 thorns — Taylor's lucky number," Winter Kislinger says.

Courtesy Cathy Waterman
Taylor Swift and Claire Winter Kislinger
| Credit: Courtesy Cathy Waterman

Waterman adds: "Taylor loves her fans. I think they will love the story of the ring and feel honored to be able to wear a ring like Taylor's."

Shop the RED (Taylor's Version) Album Ring by Cathy Waterman now ($45) at taylorswift.com.