The song is about a ring. It might have been a golden ring, and I think that a beach was mentioned somewhere in the song. It was on a compilation album that also included the song “Midnight Train to Georgia” so it would have come out around the same time as that song did.
If anyone gets this I will buy them something pretty!
No mention of a beach, but a few references to standing “on the sand” near what I perceive to be the big finish (although I have no recollection of actually having heard this song).