Riyad as-Salihin

'Abdullah bin 'Abbas (May Allah be pleased with them) reported: Messenger of Allah (ﷺ) saw a man wearing a gold ring. So he (the Prophet (ﷺ)) pulled it off and threw it away, saying, "One of you takes a live coal, and puts it on his hand." It was said to the man after Messenger of Allah (ﷺ) had left: "Take your ring (of gold) and utilize it," whereupon he said: "No, by Allah, I would never take it when Messenger of Allah (ﷺ) has thrown it away".

[Muslim].