"Rings are finger bands, some adorned, some simple. Perhaps due to their size or lack of utility, rings are always enchanted with potent magic."— Game Guide(src)
A Ring is a very small Magic item that a character can wear on his or her fingers, always enchanted with potent magic (i.e. no common quality rings exist in game). A player can only equip two rings at a time. In Diablo and Diablo II, rings are Indestructible.
Note that a player can never equip two identical Legendary or Set rings (for example, a player may not equip two Restraints or two Stones of Jordan). However, a Legacy version of the ring and the current one count as different items.
Followers may wear two rings too.
Rings may roll core stats, sockets, bonus damage, Area Damage, Attack Speed, Critical Hit Chance / Damage, Life %, Life per second, Life per Hit, Life per Kill, bonus healing, reduced status effect duration, reduced skill cooldowns, reduced skill resource costs, Armor, Thorns, resistances, bonus experience and Gold find. Generally, however, rings are taken for their offensive rather than defensive capabilities.
One may socket Legendary Gems into rings, one at each.
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This article contains information that is no longer relevant to gameplay, but is kept here for informational purposes.