With 124 diamonds, the New England Patriots' latest Super Bowl ring is among the most gaudy and expensive of its kind.

And apparently, the ring has enough bling, bling to catch the eye of the most somber of ex-KGB agents. Russian president Vladimir Putin, hardly a man who flashes diamonds, was taken with the ring worn by Patriots owner Robert Kraft.

When Kraft and a group of American executives shared face time with Putin on Saturday, the owner handed Putin the ring. Putin fitted his finger with the ring, removed it and slipped it into his pocket.

Did Kraft intend to give Putin the ring as a gift? Or did Putin misunderstand the gesture and assume the ring was his for the taking?

The story gained steam yesterday, when reports of the incident surfaced. A story in the New York Sun indicated Kraft did not mean to give the ring to Putin, but wasn't sure how to ask for the bauble back.

Kraft was traveling yesterday and a Patriots spokesman said it would all be explained when he returns next week.

But by the end of the day, Kraft had issued a statement. The ring was a gift, Kraft explained.

"At the end of a very productive, three-hour business meeting with President Putin ... I showed the president my most recent Super Bowl ring," Kraft said. "Upon seeing the ring, President Putin, a great and knowledgeable sports fan, was clearly taken with its uniqueness. At that point, I decided to give him the ring as a symbol of the respect and admiration that I have for the Russian people and the leadership of President Putin."

The 4.94-carat ring cost substantially more than $15,000, according to Patriots spokesman Stacey James. Each ring weighs 4.06 ounces and is the biggest of the Patriots' three Super Bowl rings.

According to the Russian newspaper Kommersant, Putin "carefully tried it on, but when he noticed that photo and video cameras were pointed at him, quickly took it off and held it in the fist."

The Sun cited anonymous sources in reporting Kraft was searching for a tactful way to ask for the ring. But with the Patriots swarmed with inquiries yesterday, Kraft relented and issued his statement.

Note

• Baltimore Ravens LB Terrell Suggs was acquitted of an assault charge from a playground altercation.

Suggs said accuser Jeryme Cook was trying to lay the groundwork to sue for damages.

"That used to be my best friend, so why — unless he did something to me — would I try to harm him?" Suggs said. "We played on the Arizona Swat team, basketball team, we spent the night at each other's houses. He walked one path, and I walked another."

The Maricopa County Superior Court jury acquitted Suggs of one count of aggravated assault. Another felony-assault count was filed after the incident March 29, 2003, but Judge Michael Wilkinson dismissed it last week.