The Golden Orchid
joined Jan 19, 2017
This really doesn't read like a proper happy ending. They're not together. All the last page indicated is that they'll remain friends and at least Arisa won't have to hide her feelings anymore. The earrings became a symbol of her feelings, and by hiding them in the jewelry box, she attempted to hide those feelings. When she says that she's going to get a new jewelry box without a key, all that means is she can have a new chance at her friendship with Arisa, one where she can be more open about her feelings. In an even more optimistic reading, it means she would potentially move onto, naturally love somebody else and find a new "jewelry box".
After realizing what the ending is about, I still feel like it's a good story. But it's definitely a bittersweet one, and not meant to be a happy yuri one. Also Arisa doesn't come off as being the most sympathetic character here, given how she maliciously hides the earrings and feels no regret later. She's quite selfish here, and I don't think she deserved Fuwako. Even Fuwako forgiving and then helping her out so fast is a bit cringey and personally not to my tastes, although inevitable given the context of Fuwako's character.