http://www.digitaljournal.com/article/334716
Here is an article that presents both sides (sort of). They come to the conclusion that it is “just a design”.
Well - then I would like to know if it isn’t Arabic - what is the design - and why.
The one sure looks like a serpent. And the ring is broken into different sections with, with different patterns on each section. Sure seems like it is telling a story of some sort.
It does look like la illa illa-lah aka the Arabic