Sometimes watermarks cannot be removed.
Dark rings are an indication that the watermark is in the wood.
White rings are an indication that the watermark is in the finish.
Possible solutions:
Apply Oxalic Acid mixed 6 oz per quart of water. This can minimize the discoloration but there are no guarantees.
Use bleach is a last resort option. It can remove some rings but may cause a permanent change in the wood.
Your best option is to sand out with 100 grit followed by 120, 150, and then 180. Restain with a darker color.