Reference: I’laam al-Mu’aasireen bi-Fataawa Ibn ‘Uthaymeen – Page 208
Question: Is it from the Sunnah to wear a silver ring either on the small finger or the finger next to it?
Response: The small finger and the finger next to it are equal, and there is no harm in wearing [a ring] on either; However, is it from the Sunnah to wear a ring?
There is a difference of opinion between the scholars.
Amongst them are those who say indeed it is a Sunnah because the Prophet ﷺ wore a ring, as did the companions, with the condition that it not be of gold for the men.
Whilst amongst them are those who say it is a Sunnah for those in positions of leadership, such as the ruler, the judge and the mufti and the like. As for the rest of the people, then it is not a Sunnah [to wear one], however, there is no prohibition in doing so.