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No I dont think it can be taken back but I am aware of successful cases where the ring was a family heirloom and was given with the understanding that it belonged to the family in the case of a break up. I think it depends on the value of the ring.
My question would be, why would anyone want to keep a ring once a relationship has broken up and it was bought and given with love and now that has gone what would the owner want with it??? Unless of course it was expensive and they are going to sell it in which case it should be given back.
Personally, I would give mine back, it wouldnt 'belong' to me anymore.
Some people might want to keep it if the break up wasn't mutual. Especially if they are clinging on to the relationship and the hope that the love will be rekindled. Whilst it's not productive, there's no real harm in doing so.
Legally - a gift is a gift. Unless it's explained to you that it's yours in a trust type situation, as described by Mrs P.