Crossword Genius

It's set in a ring (3)

Ross

I believe the answer is:

gem

(Other definitions for gem that I've seen before include "Treasured person" , "Precious or semi-precious stone" , "A jewel of an Orangeman" , "Pleasant and cheerful (from German)" , "Diamond, ruby, or emerald" .)

I've seen this clue in The New York Times.
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