Ring causing rash?

So I’ve had my class ring for 3 years almost 4 now and recently within the last like 3 or 4 months it’s been irritating me like hell. It itches and then when I itch it, it obviously becomes raw. I read online where it’s like ring rash or something like that. So I kept my ring off for like 3 or 4 weeks, let it completely heal, then tonight I put it on and within no longer than 2 hours it’s back to this. This picture is me not touching or anything, just simply wearing it. Has this happened to anyone else? Btw it’s not a cheap ring. I think i bought it for around $500 from jostens