Al-Nawawi said that the Jurists have agreed that it is permissible to wear a ring in the right [hand] and in the left [hand]. There is no dislike in wearing it in either. They have disagreed regarding which is better. Many from the Salaf wore it in the right, and many wore it in the left. Maalik liked [that] it be worn in the left. He disliked it be worn in the right. In our Shaafi Madhab there are two opinions. The correct position is that the right is better because the right is more noble and has more right to be adorned and respected.
[Page 424 Volume 5 – تحفة الأحوذي]
[The Hadith from which the above has been derived can be found in the same place in the book]