Beautiful ring found in ravine by you and me (8)
I believe the answer is:
'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'.
'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" .)