Shama-il Tirmidhi Chapter 11, Hadith Number 2 (83).
Sayyidina Rasulullah sallallahu alayhe wasallam wore a ring as has been stated in the ahaadith. The ulama give a few explanations to this hadith. Some have explained that it meant that he did not wear it continuously. Some are of the opinion that Sayyidina Rasulullah sallallahu alayhe wasallam possessed two rings, one had the seal and was used to put a stamp on letters etc. and he did not wear this ring. The other ring was used for wearing. In the same manner, the ‘ulama have given many other explanations. According to this humble servant the most accepted explanation is that he did not wear it always.
It is reported in the hadith that Sayyidina Rasulullah sallallahu alayhe wasallam was once performing salaah, he was wearing a ring on the right hand. While performing salaah, his eyes fell on the ring. After that he stopped wearing the ring.
In the ahaadith a similar incident is mentioned regarding a printed cloth. While in salaah his sight fell on it. Sayyidina Rasulullah sallallahu alayhe wasallam removed this cloth and wore another one.
Since the ring was of importance it could not be discarded completely. Therefore he did not generally wear it. This is the nearest (most correct). It will be stated in the sixth hadith of the next chapter that the ring was mostly kept by Sayyidina Mu’ayqeeb radiallahu anhu.