Hadith: The Messenger of Allah (may Allah’s peace and blessings be upon him) had a gold ring made for himself

عن عبد الله بن عمر رضي الله عنهما «أن رسول الله - صلى الله عليه وسلم - اصْطَنَعَ خَاتَمًا من ذهب، فكان يجعل فَصَّهُ في باطن كَفِّهِ إذا لَبِسَهُ، فصنع الناس كذلك، ثم إنه جلس على المنبر فَنَزَعَهُ فقال: إني كنت أَلْبَسُ هذا الخَاتَمَ ، وأجعل فَصَّهُ من داخل، فرمى به ثم قال: والله لا أَلْبَسُهُ أبدا فَنَبَذَ الناس خَواتِيمَهُمْ». وفي لفظ «جعله في يده اليمنى».
[صحيح] - [متفق عليه]

‘Abdullāh ibn ‘Umar (may Allah be pleased with him) reported: The Messenger of Allah (may Allah’s peace and blessings be upon him) had a gold ring made for himself, and whenever he wore it, he used to keep the stone toward the palm of his hand. Consequently, the people made the same thing. Afterward, he sat on the pulpit and took it off, saying: "I used to wear this ring and keep its stone toward the palm of my hand." He then threw it away and said: "By Allah! I will never wear it." Thereupon, all the people threw away their rings. In another narration: "He wore it in his right hand.”
[Authentic hadith] - [Narrated by Bukhari & Muslim]

Explanation

The Prophet (may Allah’s peace and blessings be upon him) had a gold ring made for him, and whenever he wore it, he would keep its stone toward the palm of his hand. The Companions followed suit. Then, after a while, the Prophet (may Allah’s peace and blessings be upon him) sat on the pulpit so that the people could see him. Then, he said: "I used to wear this ring and keep its stone toward the palm of my hand." He threw it away and said: "By Allah! I will never wear it." This happened in the wake of the prohibition of gold for men. Upon seeing that, the Companions threw away their rings, following the Prophet’s example.