This is a Navajo-style ring that was not made in the Southwest. It's actually an old Chinese Export ring in a Navajo design with a hand formed shank with cold chisel splits and hand dropped raindrops.
It is set with an outstanding hawk's eye stone. Hawk's eye is a feldspar like tiger's eye, except it is gray instead of gold. This one is so special because the natural pattern of the stone made a pupil and it looks like an eye. It has gray , green and pink play of color in the sun with a slight rainbow and of course a cat's eye effect (Chatoyant stone).
It is a size 6.75 and the face of the ring is 7/8" long. Weight: 8.7 grams. Marked 925 inside the back of the band.
I only had a few minutes of sunlight left, but here is a video of the play of color and chatoyancy in the sun. Some of the photos were taken in the sun and some in the shade. Looks pretty black indoors and then when the light hits it, Surprise!