The wearer of this ring appears human
even when Hollow.
They say that in the Undead Crypt,
we can reacquaint ourselves with the dead.
We all suffer loss.
And none of us can escape death.
Then, what is the fascination with reclaiming
that which has already passed in the beyond?
Drangleic Castle treasure. Just past the Central Castle Drangleic bonfire will be an elevator that leads up to a small room with a Milfanito that is locked in a cage.
Open the door with the Key to the Embedded (which can be acquired by killing the Demon of Song) and talk to the Milfanito which will cause her to disappear, leaving the ring behind.