Thank you for contacting Mearto with your appraisal inquiry.

It is a beautiful vintage ring. Such vintage jewellery are being offered at auction on a regular basis.
It is hard to tell from the photos what the material of the ring is. It looks like gold but I am not certain that the mark you have sent a photo of is gold. The mark is not a known goldmark. Stylewise the ring is from the early 1900s. It has a lovely design with beautiful ornamentation around the emerald.
The valuation is based on the ring being 14 kt gold, an auctionhouse would be able to test this for you if you were to put it up for sale.

The estimate provided is for a well-advertised specialised online jewellery auction, where I believe the ring has the best chance of realising its fullest potential. However, there is no measurement for the sentimental value you might attach to the carnelian and emerald ring. Retail "asking prices" can be higher and vary.

Please let me know if you have any additional questions. I’m happy to help.
Thank you