Sterling silver with a thick gold layer. Legitimately stamped 925, because the base is sterling.
The international millesimal mark for sterling silver3 references
For your own ring, Ring Identifier: Jewelry Value — Lovenhall’s jewelry & ring identifier app, free to try on iPhone & iPad — reads the setting and stones together from a photo and gives an indicative range.
Vermeil is gold over sterling silver, and in the United States the Federal Trade Commission sets a minimum: the gold layer must be at least 2.5 microns thick and of at least 10 karat fineness, over a sterling base. That makes it a genuine and clearly defined product rather than a marketing word, and considerably more durable than ordinary gold plating over brass.
It is properly stamped 925, because the substrate is sterling. So a gold-coloured ring stamped 925 is not a contradiction and not necessarily a fake — it is very likely vermeil, and the stamp is describing the metal underneath.
The practical point for an owner is that vermeil wears. The gold layer is thicker than plating but still measured in microns, and it will eventually thin at the contact points to reveal silver-white beneath — not a base metal colour, which is the reassuring part. It also cannot be polished aggressively, because polishing removes gold.
VERMEIL · 925 with a gold finish · Gold over sterling
Establish which of these you are holding before judging it. A genuine piece read against another reference's rules will look wrong when it is not.
These apply to this model and not to the rest of 925. Work them alongside the maker's general checks, not instead of them.
Vermeil wearing through reveals sterling underneath — a bright silver-white. Gold plating over brass reveals a yellow-pink. That colour difference at the contact points separates the two immediately.
The 925 refers to the sterling base beneath the gold. It is the correct mark for vermeil, and reading it as evidence of a fake is a common mistake.
Above plated base metal and below solid gold. The silver has scrap value; the gold layer effectively does not.
An orientation for honest, unrestored condition — never an appraisal, and never a quotation.
Lovenhall RingThe mark tells you what the metal claims to be. The instrument reads the setting and the stones together and gives a range to orient you — before anyone charges you for an appraisal.