Object 'the ring of the dragons' is infused with your magic...
It is a level 40 armor, weight 4.
Locations it can be worn: finger
Special properties: magic
This armor has a gold value of 0.
Armor class is 14.
Affects damage roll by 3.
Affects strength by 1.
Affects dexterity by 1.
Affects hp by 30.

Notes:

A spectacularly good ring for its level. Better than a scorched band of glass and yet anyone can get their hands on one with a little time and effort.

You'll need a non-av character, the higher the better.

To make the ring, you'll need to collect the following items from Dragon Tower:

a jade gemstone
a radiant-red ruby
a blazing-blue sapphire
a snow-white opal
a pitch-black onyx gemstone
an empty ring setting

The gems are popped by the five coloured dragons, while the setting is popped by Tiamat. For the gems you must, as stated, be of a level lower than 50 and be IP2 or IP3, the latter of which is said to reduce but not eliminate the chances of a pop. For the setting, you must also be non-av but also IP1. It's quite hard to take on Tiamat under level 40 at any rate. I've heard a rumour that the gems won't pop if anyone else is in the room, but I'm a bit doubtful about that - too lazy to test it though. The dragons are quite stereotypical - red is fire attacks/shield, blue is electrical, white is cold, green is gas, black is acid.

Once you have all five, put them in your inventory and find the powerful mage. You'll need the black key to get to him, so from the room of the black dragon, head w (this is the room all n from the entrance anyway), u, s, unlock/open e, e. Give the mage the setting and he'll turn your items into the ring.