Yes.
“Evidence indicates that Chicago Outfit boss Sam Giancana often wore a star-sapphire pinky ring, which was a gift from Frank Sinatra.
Sinatra often wore his own gold signet ring (featuring the Sinatra family crest from Sicily), which was a symbol of Italian American heritage, style, and power. He had about a dozen copies made and gave them to close friends, including Rat Pack members like Dean Martin.”
—Crime Magazine, September 12, 2009.
We’ve been watching “Tulsa King” (a NY mobster was relocated to Tulsa) on Paramount+ and there was a segment where a pinky ring was significant.