QSemaphore - implementing overwrite policy

I want to implement ring buffer for classic Producer--Consumer interaction. In the future both P and C will be implemented as permanent threads running during data processing task, and GUI will be the third thread only for displaying actual data and coordinate starts and stops of data processing by user interaction. C can be quite slow to be able to fully process all incoming data, but only a bit and for a short periods of time. So I want to just allocate ring buffer of several P's MTUs in size, but in any case, if C will be too slow to process existing data it's okay to loose old data in favor of new one (overwrite policy).

I've read QSemaphore example in Qt help and realized that by usage of semaphore's acquires and releases I can only implement discard policy, because acquiring of specified chunk in queue will block until there are no free space.

Are there any ways of implementing overwrite policy together with QSemaphore or I just need to go and implement another approach?