This jewelry ring actually unfolds to form an armillary sphere. An armillary sphere resembles a globe made up of circular bands and is a 3D version of the flat ancient navigational and astronomical device called an astrolabe. This tool was once used to figure out the position of the Sun, Moon, planets and so on. The bands or rings of the armillary sphere represent the principle circles of the heavens - for example, the inner most band typically represented the Moon.
The jewelry designer is Laurie Cavanaugh who first wrote about her prototype design in her Livejournal entry (see link below). She was inspired by a historical ring that tried to recreate an armillary sphere. Laurie successfully created hers by adopting a shallower angle. The prototype ring is made from brass but she will soon have silver and gold versions available for sale soon. Her website is called Acanthusleaf Designs
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