I refuse to wear my engagement ring

Am I wrong for refusing to wear the engagement ring my partner gave me? We had an argument and he got his family involved and they were texting me to give him his ring back and than he asked for it himself I gave it back as I’m not gonna be disrespected over a $200 ring it’s not that deep for me his family know I’m financially secure and when I fight with him I don’t ask for the car I bought him back and neither does my family so I don’t know what the deal was about it and now we’ve made up and he’s upset I don’t wear it and I told him I don’t ever plan to wear it again because I don’t see it as an engagement ring I see it as an item him and his family thought had a hold over me and disrespected me over it and now he’s upset am I in the wrong?