The nearest one can come to jewelry with the serpent like design as posited can be found in Bedouin perfume holders and other pieces.Indonesian jewelery does not have it , I could find none.
There is no serpent pattern on Obama’s ring, it is, IMHO, a gold reproduction of an elephant hair ring or bracelet.
These small details are important in Obama’s carefully crafted public image. He closets his national socialist black power ideology , learned in the church of Rev. Wright over a 20 year period, of Afro American superiority, and historic justice for the allegedly exploited.
That kind of jewelery would be the emulation of the elephant hair piece, which Obama’s ring does.
The elephant hair bracelet is prevalent among black power advocates in the USA.
The pattern is easily recognizable here:
http://www.furnituresourceelpaso.com/ProductsBKPJ/BKPJproducts.htm
You are spot on...
The meaning of the symbol can be seen here:
http://www.africancraftsmarket.com/elephanthairrings_details.htm