Stone taken from ring given to friend
I believe the answer is:
opal
'stone' is the definition.
(gemstone)
'ring given to friend' is the wordplay.
'ring' becomes 'o' (letter resembling a ring).
'given to' is a charade indicator (letters next to each other).
'friend' becomes 'pal' (pal can mean a friend).
'o'+'pal'='OPAL'
'taken from' acts as a link.
(Other definitions for opal that I've seen before include "Milky-white gemstone with flashes of colour" , "Glassy gemstone" , "Mineral used as a gemstone, of hydrated silica" , "often semi-transparent" , "Birthstone for October" .)