Decorative object, particularly jewelry such as a ring, comprises an annular body (11) on which is slidably mounted a movable member (12) having the shape of a sleeve (20). Slideways (19) are provided in a hollow annular space (18) of the annular body (11) and coact with shoes (24) secured to the sleeve (20). Thus, this latter does not touch the visible external surface (14) of the annular body (11). The invention thus permits keeping the annular body free from scratches, obtaining a regular and facilitated sliding movement, and hiding the guiding and sliding elements.