Red on a Masonic ring may indicate that the wearer belongs to the Grand Lodge of Scotland. The Freemason Royal Arch is also red. Red has other symbolic meanings in Freemasonry. Red is the color of blood, and therefore has associations with war, sacrifice, heroism, charity, devotion and struggle. Red represents the heart and valor.
Black is typically associated with the Knights of Malta. It symbolizes gravity and sobriety. In the Middle Ages, it was sometimes associated with rebirth and transformation. Black also was thought to show depth of character, because it was simple and without adornment. It was only toward the end of the Middle Ages that black began to be associated with death and mourning.
Blue is associated with lodges descended from the United Grand Lodges of England. It is also considered the universal color of friendship -- an important concept for a fraternal organization. Other Masonic symbolism associated with blue includes immortality, eternity, chastity, fidelity and prudence. These values are connected with blue because it is the color of the sky and its endless reach.
The screw in a masonic ring is said to be the tie that binds us all together. Unity is a very key part of the screw without it everything will fall apart. If you think in mind set of operative masons without unity the mortar would not bind together. The masonic ring is a reminder to the initiate of his obligations to God to his family to the craft and to his self.
It has also be said the colors of masonic rings represent the degree to which the initiate has advanced, but that is unproven.
It should also be noted here that hazing in no way part or shape is allowed as a practice. Thus the phrase "follow your conductor and fear no harm or danger." You pay your hard earned money for a masonic ring it is your property and you should not allow anyone to take it from you. Some brothers feel the need to 'try' other brothers. The meaning of this has been lost. The true meaning is to encourage the wearer of the masonic ring to continue his studies not out of fear of having his ring taken, but so that he doesn't misrepresent the craft.