The decorative device of two hands clasped in love and trust is found all over Europe, on brooches, and on rings, such as this example. This type of ring is commonly known as a 'fede' (faith) ring.
As the clasping of hands was part of the medieval betrothal ceremony, it is not surprising to find rings decorated like this, although it is impossible now to be certain exactly whether they commemorated friendship, love, betrothal or marriage.
The 'fede' motif continues in use today on the Irish 'claddagh' ring.