Joia's Flamedance Ring belongs to Joia, whose home is inside the keep in the Friendly Arm Inn courtyard. It was given to her by her father, then stolen from her by hobgoblins. Other than being a quest item, it is priced the same as regular Flamedance Ring and bears no special properties.
Joia asks Gorion's Ward and their party to retrieve her ring. The reward for returning it to her is 400 XP, and she leaves the building so that you can attempt to unlock the chest without triggering retaliation..