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I think the Hollow Ring is worth bringing back into fashion. These were known as poison rings, medicine rings, spell rings, and philter rings in the past. Modern Witches might choose one of the general spell powders to place in it. I think that such a powder must be contained in something else --- perhaps wrapped up in a small piece of paper or cloth -- so that the ingredients of the powder do not chemically react with the metal of the ring.
These are many traditional types of spell powders, but most of them are too specific to haul around on your finger. You probably won't need Love Powder, Banishing Powder, Protection Powder, or Graveyard Dirt so often that it would be justified. I can think of four powders off the top of my head, though, that could justify the use of a Hollow Ring.
Salt and Pepper: Yep, the ordinary stuff from your kitchen. This mixture is used in quite a few spells, but mostly for protection, justice, or getting people to leave you alone.
Luck Powder: The most complex powder on here, inasmuch as it has six ingredients. This can be used in all sorts of ways, for yourself or others.
Three Elements Powder: Three ingredients. The most versatile powder on this list. It can be used for justice, for luck, to bless.
Wishing Powder: Two ingredients. The wishbone of a chicken, dried, pulverized, and then sifted. This must be combined with Sage Leaves prepared in a specific way.
You can buy magical powders in the marketplace these days. Most of them are expensive and just made up by the proprietors without any basis in tradition. Witches make their own powders, and they usually require few, inexpensive, and easily obtained ingredients.
*** Blessed be to those who serve the Great Mother and the Horned Father.
* Copyright to Coven Rochester