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An antique style "Shield" setting could work or maybe a gemstone halo ring--where the halo is sapphire or ruby.
I think if you use colored stones in a halo or side accents (ala Tiffany 3-stone), it would make it less like a formal e-ring...
does it have to be a ring? a solitaire diamond pendant is nice too.
I have seen that done and it looks beautiful.I would get 2 coloured gemstones as side stones to make it into a 3-stone ring.