More on the gold-and-diamond ring Paris jeweler Louis Gerard presented Princess Diana for her 24th birthday last weekend: although the princess wore it and showed it off to friends, the ring, valued at 10,000 pounds, upset Buckingham Place protocol. She cannot keep the trinket so it will be auctioned and the money will be given to the Charity for Unborn Children, Birthright . . .

Singer John Denver has his own version of a "Rocky Mountain High" -- performing before 1 million people in Peking's Tienanmen Square and getting it all on live television. The Chinese, however, aren't very warm about the idea especially since they had their own soccer riots in May and are uncomfortable about mass events. Denver, now in China, is going to keep trying, however; one has to find audiences where one can . . .

Yakov Smirnoff, who claims to be the only Russian-born comedian in the United States, and who is appearing at the Comedy Cafe' this week, says Soviet leader Mikhail Gorbachev and President Reagan have more in common than most realize. "They both tolerate dissent. You can walk in front of the White House and shout 'Down with Reagan!' and you can walk in front of the Kremlin and shout 'Down with Reagan!' " . . .