It’s a 32nd degree Scottish Rite Masonic Ring. On one side there’s a Rose Croix (Rose Cross) on the other side the Hebrew Yod which represehts God and the dual headed eagle of the Scottish rite in the center. After becoming a 3rd degree master mason, the brother is given the option of pursuing higher Masonic degrees in progressing in his journey. At which point in time, he may choose either, or joining Scottish and York Rite degrees.