Thank you. Your explanation refers to things I don't know how to do.
Try to be more inquisitive and independent.
*sigh*
Okay, here's an extremely short graphic tutorial on items and skills since I can't exactly wrap my head around how you could possibly reach item maker stage without knowing the basics.
Step #1. Click on the party!
Step #2. Click on a hero! See attached image.
This is Woizek. He - like many others - has mostly passive skills, the gold and red items on the right-hand list. Gold means it's just a skill, red means it's a bad status (like poisoning) or a weakness (like this Fire Weakness here). You can also see one item that's written in white, and that one can currently be activated by double-clicking it.
What you are interested in is obviously the left-hand sketch. The upper set of circles represent places to equip items - helmet, armor, weapon, shield, and two rings. The lower eight circles are the hero's backpack. Now, when you click an item, a slot in the upper set should light up - that's where you must put it in order to use it. If you do so, the right-hand skill will gain new items and/or his statistics ("swords", "stars", "shields", "ankhs", "hearts", "boots") will increase.
There is also a "Teleport" button, which allows to instantly give item to any of your heroes outside the party at the cost of mana, and "Ground" button, which allows you to pick up and leave items in bags.
So yes, if the ring was in one of the "hand" circles, it is equipped.