Can't equip second ascended ring *weeps*
It is a common issue, do not worry. ArenaNet has refunded the cost of the duplicate Ascended ring for others in the past that had this same issue, but you must first file a Support Ticket by clicking “Ask A Question” at the top-middle of that page and filling out the required information and explain the situation.
Good luck to you in your quest for a refund.
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Like StinVec said, file a ticket.
In response to your questions, however, the unique nature of the rings is listed in the item description of the ring itself (“Unique”). While I’m sure some people not used to the terminology from other MMOs might be confused, I’m not sure what warning they can provide that would be lead to less confusion without adding a huge block of text to the item itself. They also cannot, as you suggest, prevent you from buying a second one because the items are Soulbound on Use, so some people (like myself) might buy several for different alts.
Thanks guys! I hope you are right. I filed a ticket. I was thinking that they could easily add some text to the window that pops up when you purchase the items. It already says: “Are you sure you want to purchase Ring of Red Death?” Why not just add a few lines of text that says: “Only one of these items can be equipped by each character.” Can’t imagine that would be too hard to do. I’ve played MMO’s for 10 years and even I didn’t know what “unique” was referring to. I may very well be an idiot., but it seems this is a common enough problem that deserves a solution.