Depends upon the reason for the gift. If the ring was just a gift, it belongs to the person to whom it was given and they do not have to return it. If the ring was an engagement ring and the engagement was broken off, then the ring goes to the person who was not at fault in breaking off the engagement. In other words if the engagement was broken off because the party who gave the ring was cheating or whatever, then the party who received the ring can keep it.
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