There is a consensus of opinion amongst the scholars that the wearing of gold ring is prohibited for the believing men.

So far as the silver ring is concerned, its wearing is permissible, but according to some scholars it is not desirable because Sayyiduna Rasoolullah (sallal laahu alaihi wasallam) wore it as a necessity since he used it as a seal for the letter sent to non-Arab Kings and Emperors. Sayyiduna Anas (radi Allahu anhu) reported that when the Glorious Prophet of Islam (sallal laahu alaihi wasallam) decided to write letters to the Rulers of various nations, somebody suggested that the Rulers do not accept a letter which does not bear the stamp of the sender. Rasoolullah (sallal laahu alaihi wasallam) made a silver ring with the words “Muhammad Rasoolullah” engraved upon it. Imam Bukhari reports that the inscription was in three lines – “Allah” in the first line, “Rasool” in the second and “Muhammad” in the last line.

Sayyiduna Abdullah Bin Omar (radi Allahu anhuma) reported that the Messenger of Allah (sallal laahu alaihi wasallam) made a golden ring and wore it in his right hand and then threw it. Then he made a sliver ring, which bore the above-mentioned inscription. The Holy Prophet (sallal laahu alaihi wasallam) said: “Don’t make a ring having inscription like my ring.” The Holy Prophet (sallal laahu alaihi wasallam) wore the ring with the stone towards the palm. He prohibited men to wear the ring in the pointer or the middle finger.

Sayyiduna Buraidah (radi Allahu anhu) reported that a man, who was wearing a brass ring, called on Sayyiduna Rasoolullah (sallal laahu alaihi wasallam) who said: “You smell like an idol.” The visitor threw away the ring. Then, he came to the Holy Prophet (sallal laahu alaihi wasallam) wearing an iron ring. The Holy Prophet (sallal laahu alaihi wasallam) said: “You have come wearing the ornament of the inmates of Hell.” He threw away that ring too and asked the Holy Prophet (sallal laahu alaihi wasallam): “Tell me, O Allah’s Apostle (sallal laahu alaihi wasallam)! Of what metal should I make a ring?” He said: “Of silver, less than four and a half Mashas in weight.” 

The ring should necessarily have a stone.