It is narrated from Sayyiduna Ibn Amr (may Allah be pleased with him) that once the Noble Prophet (peace and blessings be upon him) saw a gold ring in the hand of a companion (may Allah be pleased with him). The Prophet (peace and blessings be upon him) turned his face away from him. He threw it away and made a ring of iron. The Noble Prophet (peace and blessings be upon him) said: "This is even worse than that; this is the adornment of the people of Hell." He then threw that away too and made a ring of silver. The Noble Prophet (peace and blessings be upon him) remained silent.
Hadith Referenceمسند احمد / مسند المكثرين من الصحابة / 6680