Balvan's ring is a ring Balvan made for his beloved, Zonda, as a wedding gift. As one may expect from an item crafted by such an ancient and powerful spirit, it is also a powerful magic item.
Sadly, it also weighed Zonda down too much for her to be able to fly effectively. She therefore could not wear it, and instead left it with Balvan for safekeeping.
The ring was somehow stolen from Balvan by Swayne's servants, and ended up in Black's possession as a spoil of war. He returned it to Balvan in exchange for 24 hours inside his home/self in order to rescue Zaheer and Swayne's other hostage.