`Abdullah ibn `Abbaas reported that the Prophet  (salla llahu alayhi wa sallam) saw a gold ring on a man's hand. He took it off and threw it aside, saying, "Would any of you take a burning coal and hold it in his hand?" When the Messenger of Allaah  (salla llahu alayhi wa sallam) had gone away, someone said to the man, "Take your ring and benefit from it (i.e., sell it)." He said, "No, by Allaah, I will not take it after the Messenger of Allaah  (salla llahu alayhi wa sallam) has thrown it away." (reported by Muslim, no. 2090).

`Abdullah ibn `Amr ibn al'Aas reported that the Messenger of Allaah  (salla llahu alayhi wa sallam) said: "Whoever of my  ummah wears gold and dies wearing it, Allaah will deny him the gold of  Whoever of my ummah wears silk and dies wearing it, Allaah will deny him the silk of Paradise." (Reported by Imaam Ahmad).

This prohibition applies to men only, not to women, as `Ali, radiyallahu anhu, reported that the Prophet of Allaah(sallallahu alayhi wa sallam) took a piece of silk in his right hand and a piece of gold in his left, and said: "These are forbidden for the males of my ummah." (reported by al-Nisaa'i and Abu Dawud).

The Prophet  (salla llahua alayhi wa sallam) also said: "Wearing silk and gold is permitted for the women of my ummah and prohibited for the males." (Reported by Imaam Ahmad)

"Invite all to the way of thy Lord with wisdom and beautiful preaching;
And consult with them in ways that are best and most gracious."
(Al Qur'an, 16:125)