Piece of jewellery including an outer ring (2) and an inner ring (4) arranged concentrically to the outer ring (2), the two inner (4) and outer (2) rings being able to pivot in relation to each other, the outer ring (2) comprising at least one aperture (6) through which at least one decoration (8), provided on the outer periphery of the inner ring (4), can appear, means being provided for the axial coupling of the two inner (4) and outer (2) rings, this piece of jewellery being characterized in that the axial coupling means include at least one ball (10) arranged in a housing (12) disposed on the external periphery of the inner ring (4) and capable of rolling in the inner periphery of the outer ring (2) and forming a rolling path for the ball (10).