This is a right of passage ring that has been issued by Habondia.  Habondia is the Queen Fairy who rules over Tylweth Teg.  This ring gives you admittance into her realms in your astral form.  When entering your soul will be marked and she will know that you are a human, despite the fact that you will have taken fairy form.  She will welcome you and will allow you to summon her fairy subjects for their powers.  There are many of them and they hold many powers.  These powers will be added to the enchanted item and you will able to practice this magic in the mortal realm as well.