This is deeply symbolic, with a stone each representing today, tomorrow, and yesterday. Wearing a ring of this sort is s clear message that your love is everlasting. The style has been around for generations and dates back to the 17th Century. The Art Deco variant uses colored stones flanking a diamond on either side.
In this setting, you have precious colored stones encircling a bigger center stone, which is usually a diamond. Diamond rings with halo settings are as popular as ever, because of the simple fact that they make the center stone look a lot bigger. Sometimes the setting is reversed, with the center stone colored and the halo stones as diamonds.