In a simple sentence, there are always a subject and a predicate. It may also contain other elements such as the direct and indirect object, depending on the structure of the sentence.
In the given sentence, the underlined word "me" is the indirect object. An indirect object is a noun or a noun phrase that is affected by the verb. But it is not a direct object, for the direct object is the direct recipient of the verb, which in this sentence is "diamond ring".
