Well from George's pow you can see it from two sides:
1) It's the ring of my mother and I won't buy you a new one. You're not worth it. It was good enough for mother it's good enough for you.
2) Seen in a positive way as the continuing of the dynasty. See and I got it from my mother and I now give to you.
I sincerely hope it's number 2.
I read the article as it was a ring that he wore as a teenager, like that signet ring the Prince of Wales wears. If it's a lovely ring for a lady, then that's fantastic.