I bought an accessory because I lost an earring. It is an earring in the form of Jupiter. (Mars has no ring). It sways and includes the ring of the planet. As it sways, it sparkles with blue. Seeing it, I imagine the beautiful universe. Since "seeing it" modifies "I", it should be placed next to "I".

I bought an accessory because I lost an earring. It is the earring of the shape of Mars. It sways and adds the ring of the planet. When it sways, it sparkles blue. I imagine the beautiful universe while looking (gazing) at it.

I bought a new pair of earrings because I lost one. They look like Mars. They sway and have the ring around the planet. When they sways, they are sparkling blue. I imagine the beautiful universe while looking at them.