Could be a period privately purchased item, but there's a good chance it's a modern item reproduced in eastern europe. Sorry i can't give a definite answer.
My personal opinion is that items like rings can't be authenticated as they were not mass produced or produced up to certain specs (with some exceptions). They are jewellery and can only be dated when made.
These are not expensive stuff so fakers don't have a real interest in copying them. They were patriotic items of the period, privately purchased thus a big variety exists.
If it's not expensive i would go for it.
Looking for the photo albums of Leutnant Emil Freitag, 3. / G.R. 377
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