What is the ruling on wearing rings adorned with precious stones, and is it permissible to believe that they protect or bestow qualities, and is it true that Ali used to wear a ruby ring?

A man is permitted to wear a ring if it is not made of gold. There is nothing to suggest that rings benefit their wearers. Fabricated hadiths have been reported concerning this, including those about rings made of emerald, carnelian, and ruby. None of these should be acted upon or narrated except by clarifying their fabricated nature.