See: Stonecutter and Raggadorr.
The Ringed Ruby of Raggadorr was created because of a wager that took place one thousand years ago by the Octessence, eight mighty beings. They each put their power into an item and decided that the first mortal to come into physical contact with each being's respective item would become an Exemplar, possessing the power of the being who created the item they interacted with.
One Exemplar was Utama Somchart, the one who activated the Ringed Ruby's power. He worked with the other Exemplars to fight against Juggernaut who had betrayed the will of the Octessence. But thanks to Captain America, who used Bedlam, Raggadorr's influence was driven out of Utama but the Ruby still gave him its power.
Its current whereabouts are unknown.
It gave Utama the abilities of superhuman strength, combat skills and the ability to create the God Machine, a device that could drain humanity of its free will or Juggernaut of his power.