You believe solid metal items, like wedding rings, compress down at that level of pressure, from all sides?
Blast damage from supersonic (or faster) wave of water coming in will mishape/misform/compress all forms of steel. A SABOT round from a 120mm tank is slower velocity than 6000psi+ velocity of incompressible water. Perfectly compressed miniature? No. Piece of metal that won't fit on anyone's finger? Yes.
I think the word “compressed” is ambiguous in this context: The ring and the watch are compressible due to voids. The metal itself would compress only dry slightly, if at all.