Sandy asks:"Question, though, is that still a horseshoe encirclement around the main stone? (I hung up on the horseshoe)."
Sandy, I got out my magnifying glass and got a closer look. It appears to be silver all around only heavier on the sides than on the ends.
The jewelry in this link is not expensive, but since it was a gift from an Indian it probably means more to Arnold than value. It supposedly has healing powers though.