Beautiful ring found in ravine by you and me (8)
I believe the answer is:
gorgeous
'beautiful' is the definition.
(similar in meaning)
'ring found in ravine by you and me' is the wordplay.
'ring' becomes 'o' (letter resembling a ring).
'found in' is an insertion indicator.
'ravine' becomes 'gorge' (gorge is a kind of ravine).
'by' says to put letters next to each other.
'you and me' becomes 'us'.
'gorge'+'us'='gorgeus'
'o' inserted inside 'gorgeus' is 'GORGEOUS'.
(Other definitions for gorgeous that I've seen before include "Richly coloured, magnificent" , "Extremely beautiful" , "Strikingly beautiful" , "Showy" , "Beautiful - glorious" .)