The gold ring comes with two gems -- one colored blue and the other pink.
In the show
Hildy's excited with the ring Grim gave her. At the first time she puts it on, she shakes it and she becomes an unicorn, a bird, and a rhino, then she changes back to human. Later, she takes the ring with her to a carnival with Grim, dressed as clowns. After Grim walks away to play at one of the game booths, Hildy is being annoyed by a boy. She shoos him away while also calling him a mouse; she shakes the ring and becomes a mouse herself.
Now a mouse, Hildy loses control of her shape-shifting ring and it rolls toward a booth where Grim is playing to win a prize -- pet fish, including Jolly-Go-Jumbo fish. Grim picks up the ring and throws it into one of the bowls; he was supposed to throw one of the large rings provided at the booth to the top of a bowl. A Jolly-Go-Jumbo fish with a blue colored ring around one of his eyes swallowed the shape-shifting ring. Queen Delightful then arrives at the same booth and successfully wins the fish that swallowed Hildy's ring, who she later called him Teensy. Grim and Hildy then go to Delightful's castle to get the shape-shifting ring back.
The Queen's new pet fish grew so rapidly that Delightful had him moved to the moat. Hildy's ring inside Teensy made him shape shift a few times, leaving him confused. The Glooms go underwater to find Teensy, but they end up inside him. The 7D is called in to move Teensy to his new home at the sea. While there, Teensy is big enough to spit out the Glooms; Hildy finally gets her ring back and turned human. But she again loses the ring and drops it in the ocean, watching it sink with despair.