But Pete isn't getting rid of it.
“Though their relationship was short, it really was important to him. So, he wants to remember it fondly, and feels like he should treat it as a good memory instead of love lost,” a source close Pete revealed to HollywoodLife.
However, Pete is still certain that he will get back together with Ariana.
“Though Ariana returned the ring, he feels like she’ll have it again at some point,” the source said. “And in the chance that they don’t get back together, he’d still like to keep the ring, because it’s a keepsake of what they once had.”
We guess we'll have to wait and see.