this guy is probably pretty obsessed with you and rejecting the gift will probably do him some damage to get rejected like that in front of his peers and friends. You're going to have to nip this in the bud before there is an opportunity to make you both fall into very uncomfortable situations.
No one just buys a friend a diamond ring, maybe he's trying to trick himself into thinking if he gets you something very extravagant it might be the straw that breaks the camel's back so to speak. So you have some options as I see it, one is safe the other is cruel
1 - Is you catch him before the party, hours before if not a day in advance and say that you learned he got you this gift and that you cannot accept it. You don't feel comfortable accepting it, you don't want it and that he needs to move on to someone else and focus his love elsewhere, to a willing person. Tell him to take the gift back but that you still want him as your friend but only if he can figure out that only friends and not friends buying expensive shit for each other
2- The cruel way is when he offers you the gift you reject it. Of course this would suck, you'd most likely lose a friend but maybe at that point he might 'get the picture' that you don't want anything to do with him 'in that way'. Hopfully what might happen is he might try to offer it to you in a private moment at the party, that way you can save face and so can he.
It all seems too much to me. This cat obviously is just boiling waiting for a chance to get with you in that way. Some guys just don't 'get it' and they get themselves in a world of hurt about it.
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"A real leader faces the music, even if he doesn't like the tune." - unknown quote
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