指輪
ゆびわ · yubiwa · JLPT N4 · noun
ring
💍 指輪 = finger (指 yubi) + ring/wheel (輪 wa)
指 (yubi) means finger and 輪 (wa) means ring, loop or wheel, so the word is literally finger-loop. The same 輪 appears in 車輪 (sharin, wheel) and 輪ゴム (wagomu, rubber band), all things that form a closed circle.
指 — hand radical 扌 + 旨 (zhǐ, phonetic)
指 is a semantic-phonetic compound. The hand radical 扌 gives the meaning — something done with the hand, namely pointing with a finger. 旨 supplies the sound 'zhǐ'. From 'finger' it naturally extended to the verb 'to point' and figurative senses like 'to indicate' or 'to refer to'.