That '70s Show (1998) - 7x01 - Time Is On My Side

A week after Eric and Donna's engagement was called off, they are both on good terms, but make big decisions regarding their immediate futures. Donna gets a new look, among other things, and Eric decides to take a year off, but to that he needs to sell Donna's engagement ring to get some money. Just one problem. Donna threw it off the water tower.

Also, Bob is torn between the two ladies in his life, Pam and Midge, and Red pressures him (only because Kitty pressured him) to choose between them. However, one of them makes the decision for him.