Friendship, love and loyalty are represented by this historic celtic design. A Peridot claddagh ring with your birthstone or favorite color makes it even more significant. Once considered more valuable than diamonds, a peridot ring is a must have. This "gem of the sun" is the birthstone of August and is a beautiful match for the lush green tapestry of late summer. Once considered more valuable than diamonds, a peridot ring is a must have. This "gem of the sun" is the birthstone of August and is a beautiful match for the lush green tapestry of late summer.