Andvari's Ring is an item that is dropped by Valaris at a 1.00% drop rate and Cursed Valaris at 2.00%, and is also used as a taming item for Valaris.
Another usage of the ring is that it is an ingredient used in making a Legendary Elementalist's Ring from King Solomon and King David, along with other ingredients, namely 30 WoE Tokens and 1000 Platinum Coins.
Legend has it that Andvari's Ring is a precious ring that has been kept by a dragon that went by the name of Pavvnir. Valaris, before his death, was able to swipe the ring away from the vicious beast.