July 10, 2001: Chief Ramsey announced that the police would search Condit's apartment, obtain a DNA sample, and administer a polygraph exam to Condit. Condit was seen suspiciously placing something in a trashcan in Alexandria, VA. A report was made to the police. The investigation found a watchbox for a Tag Hauer watch they traced back to Joleen Argentini-McKay. The watchcase was packed inside a Big Mac container. Condit's senior staffer Mike Dayton drove the car. Police later confirmed with Bureau of Prisons co-workers that Chandra wore a man's Tag Hauer watch.
From 11:15 PM to 3 AM the next morning investigators searched Condit's apartment
If the picture was taken at the time he made his confessional in July,,,,, just maybe he did wear the "C" "L" ("Condit" "Levy") ring. Where better to hide something than in plain view????
Also it would probably be the best way to get something out of a place the police are searching. No investigator had any desire to go near Condit. I certainly can't see any investigator asking about, let alone noticing it.