The third wedding ring is typically called an eternity ring. An eternity ring is a band encrusted with diamonds or other precious stones that go around the ring, symbolizing the never-ending love and commitment between the couple. The eternity ring is usually given as a gift to the spouse by the other partner on a significant anniversary, such as the first, fifth, or tenth wedding anniversary. Still, it can also be given as a gift on other special occasions or milestones.