"The Carmelites invite all the faithful to come as once the prodigal son came to his father, who adorned his hand with a ring, so that in contemplating the example of St. Joseph as a model of the just man, they might build a foundation for an authentic Christian life in close friendship with Jesus and Mary. St. Joseph will then intercede for us in such a way that God Himself will adorn us not only with a ring of perseverance in doing good, but also with the mantle of grace, the halo of holiness, and the crown of glory." (Taken from The John Paul II Carmelite Retreat and Pilgrim Center.)
BLESSING OF THE RING OF ST. JOSEPH (Formerly reserved to the Order of Carmelites) P: Our help is in the name of the Lord. All: Who made heaven and earth. P: The Lord be with you. All: May He also be with you. Let us pray. God, whose word sanctifies everything that we possess, we beg you to pour out your blessing + on us and on this ring; and by the prayers of the blessed Mary, ever a Virgin, and her spouse, St. Joseph, may we mercifully obtain whatever is necessary for us in this life and be grateful for it; through Christ our Lord. All: Amen. It is sprinkled with holy water.
Source: Philip T. Weller, “The Roman Ritual, Volume II” (MILWAUKEE: The Bruce Publishing Company, 1964).