I'm going to throw away my friends jewelry
Why would you throw out someone else's jewelry?
Because, I don't like the diamond ring on her finger.
So you're throwing away someone else's stuff because you don't like their things? It's not your right to mess with other people's belongings.
I do like her things, just not her diamond ring. I also don't like the way she treats me because she thinks she is better than me with all her jewelry.
I understand that you are upset with your friend. Why not talk to her about how you are feeling instead? I suggest you not touch or damage her possessions, because it will not make you feel better.