It could be an international incident of sorts, a misunderstanding of Super Bowl proportions. Or it could be a very, very generous gift.

Whatever the case, New England Patriots owner Robert Kraft is out one championship ring, and President Vladimir Putin of Russia has scooped up some very flashy bling.

At a meeting of American business executives and Putin on Saturday in Russia, according to Russian news reports, Kraft showed his 4.94-carat, diamond-encrusted 2005 Super Bowl ring to the Russian president, who, after trying it on, put it in his pocket and left.

It was unclear yesterday whether Kraft intended to give Putin the ring. It was just two weeks ago that he presented this year's championship baubles to Patriots players at his Brookline manse. A Patriots spokesman said yesterday that Kraft was still traveling overseas and could not be reached for comment.

While gifts to heads of state are customary, a token of this magnitude would be highly unusual because of its cost, one specialist said.

''That's sort of something that's outside the box," said Walter C. Carrington, Simmons College professor and a former US ambassador to Senegal and Nigeria. ''A personal thing, a piece of clothing or a ring like that, that is sort of unusual."

This year's ring, billed as the heaviest in Super Bowl history, is studded with 124 diamonds, including a marquise for each of the three Vince Lombardi trophies depicted on its face. Under Kraft's ownership, the Patriots have won three of the last four Super Bowls. Each year's ring, which the team helps design, has been more glitzy than the last. The team would not disclose the value of Kraft's 2005 ring, saying only that it is ''a lot more" than $15,000...

At the end of a very productive three-hour business meeting with President Putin, organized by my good friend Sandy Weill, I showed the president my most recent Super Bowl ring. Upon seeing the ring, President Putin, a great and knowledgeable sports fan, was clearly taken with its uniqueness. At that point, I decided to give him the ring as a symbol of the respect and admiration that I have for the Russian people and the leadership of President Putin. I have ancestors from Russia, so it added significance for me to know that something so cherished would reside at the Kremlin along with other special gifts given to Russian presidents. It was truly an act of serendipity and one that I am honored to have experienced. It touched me to see President Putin’s reaction to the ring and I felt, emotionally, that it was the right way to conclude an exceptional meeting.