The Ring of Magma is one of the new Unique Rings found in the Diablo: Hellfire expansion, and is found randomly. Although the 60% Resist Fire is a boost to any player, the -30% Resist Lighting and Magic somewhat overcomes this advantage, making this ring only useful for boss fights and such.
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The Ring of Magma
Diablo I Unique Rings — Bramble • Ring of Regha • The Bleeder • Empyrean Band • Ring of Truth • Ring of Engagement • Constricting Ring
Hellfire Unique Rings — Giant's Knuckle • Ring of Thunder • Ring of Magma • Ring of Mystics • Karik's Ring • Xorine's Ring • Gladiator's Ring • Mercurial Ring