This beautiful ethnic Turkomann ring is silver, and is set with a carved lapis lazuli. The lapis is surrounded by an intricate enameled border. It is 3/4" across the top, and is a size 8 1/2. The age uncertain, but it definitely predates 1980.
The Metropolitan Museum of Art has a good article on ethnic Turkmen jewelry. Rather than plagiarize, I'm including the link. :-)