This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as jewelry.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F48D offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character โringโ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: diamond, engaged, engagement, married, romance, shiny, sparkling, wedding.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: ๐๏ธ See the Emojipedia for more details on this characterโs emoji properties.
The Wikipedia has the following information about this codepoint:
A ring is a round band, usually made of metal, worn as ornamental jewelry. The term "ring" by itself denotes jewellery worn on the finger; when worn as an ornament elsewhere, the body part is specified within the term, e.g., earrings, neck rings, arm rings, and toe rings. Rings fit snugly around or in the part of the body they ornament, so bands worn loosely, like a bracelet, are not rings. Rings may be made of almost any hard material: wood, bone, stone, metal, glass, jade, gemstone or plastic. They may be set with gemstones (diamond, ruby, sapphire or emerald) or with other types of stone or glass.
Although some people wear rings as mere ornaments or as conspicuous displays of wealth, rings have symbolic functions respecting marriage, exceptional achievement, high status or authority, membership in an organization, and the like. Rings can be made to sport insignia which may be impressed on a wax seal or outfitted with a small compartment in which to conceal things.