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Dave, I suspect that the ruby ring is Princess Margaret's engagement ring. Although in the photo I posted, the ring looks to be on the Princess' right hand, I fancy I can see a wedding ring under the ruby ring and that the photo has been flipped.

Although the photo is not 100% clear, I didn't see anything resembling it on the Christie's auction site. Nor have I seen a clear image of Princess Margaret's engagement ring -- but it was a ruby and diamond ring.