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Scott, WB.
A golden ring... well with the prices of gold going up, you may want to bring a stack of cash then. In Morocco gold is sold by the gram, yes even jewelry.
How about saphires and emerald? That's something different than a diamond, though still in the same price range though.
Unfortunately I do not know any jewelers in Marakkech, but I am sure if you walk around Guéliz (the new city) you will see plenty of them.
It's important to know that the gold sold in Morocco is 18 ct. Make sure you know the value per gram the day you leave, so you will get a fair price.
Bargaining is always worth a try!
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