Abstract: The piece of jewelry, in the form of a ring, comprises a body of annular shape on the external surface of which there is provided a decoration which is attached to an arm. The arm and the decoration are situated in respective recesses in the external surface of the body. A displaceable member overlaps the body with some clearance, and it is locked into a predetermined position thereon by means of a screwed stud. In the locked position, the displaceable member completely covers the decoration. By unscrewing the stud, the displaceable member is released, and it can slide freely over the body so as to reveal the decoration. The arm, together with the attached decoration, can then pivot about a spindle mounted on the body in order to uncover personalized inscriptions situated on the external surface of the body, beneath the arm and on the two surfaces of this arm.