Notice the detail at the side of the ring here

 

 

 

 

 

 

 

Original screencapture...Shapes highlighted

Closeup of original screencapture
My idea of the spiral shape that wraps around the ring's central stones

Posted on Oona's Legend Forest Meeting Tree
by Keely on May 13, 2000 at 22:01:15

Is it just me or does that ring change from the time Lily throws it over the cliff until Jack retrieves it from the water....When she throws it over its half black half white...but...it appears to me that when He gets it back in the end that the black is but a very small sliver and the stone is mostly white.

Keely's Digital Fantasy Art

After reading Keely's idea on the message board I went and took a few pictures of the ring at the end of the film, when Jack retreives it from the water... and...

(2 Frame) Animated GIF

...it really does seem to change at the end of the film!

Enlargement

The black side of the ring is actually covered with gold, and you can only see a fraction of the black in the middle towards the top of the ring's face.

Note: Since getting the Region 2 DVD I've checked by zooming in, and replaying a few times...
actually it looks like the ring doesn't change... it's still half black and half white!