If done in the right manner and right timing, I think it would be ok. You do bring up the question, as to whether you want her to have it.
XW quit wearing hers as soon as the bomb dropped and it was never mentioned, by either of us. Which kind of hurt my feelings.
She just called for the 2nd time this evening. Nothing important. ?????
I suspect you will know when to bring up the ring. And you may even consider telling her the truth, you were angry, but in hindsight you thought she might like to keep it.