Really odd ring - never have seen anything like this before

[BIG61AL]

Found this really weird ring. It looks like a normal non gold band but it's got this strange inner ring inside it. Plus that one is decorative on it's inside portion and it looks like silver. I first thought it was a some type of bearing or connector but I am pretty sure but the design it is a ring. Even if the the inner ring is simply jammed inside the larger one, why would it be decorative on the inside? I can make the inner budge at all. I am totally perplexed!
The nickle is just to illustrate the size.

 

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[treasureguy]

Hello, looks like a fancy water nozzle adapter with bearing grooves to adjust for turning for power of water? or yes maybe a ring, later tg

 

[BIG61AL]

It's not a faucet piece. It has no threads on the insides or outsides. The little ball designs do not move or rise above the edge of the inner ring

 

[Rob66]

A top that use to go on a fancy lip stick tube.

 

[deepskyal]

Maybe back in the days...just guessing but maybe it is a ring that was resized by an insert, not wanting to damage it by cutting it down.
I had a ring resized once that couldnt be cut and they put a narrow band across part of it.
It didnt last long, it was too thin...so maybe thats just an example of a better fitting job.
Just a guess.
Al

 

[Peerless67]

decorative top for some kind of bottle neck, maybe perfume or something like that

 

[Angelo]

It may be a hydraulic or pneumatic quick coupler part.

Tony