This style of ring has been done many times. It is popular due to its simplicity with the inlay adding color and accent to the ring with the center Diamond.
We have inlaid this same basic style with a variety of matierls from Black Jade or Onyx (black jade is more duarable), Lapis, Sugilite, or a variety of other gem materials.
On each side of the raised diamond bezel we inlaid black Jade which needed to be polished flush with the surface of the ring.