Why?
The Ring served his purpose, it allowed him to control the bearers of all the other Rings. Why put some fancy stone on it?
Personally, I think it would have made more sense to have it made out of mithril rather then gold, but as we see the material doesn't really count either, since it can't be destroyed by anything but the fires of Mount Doom.
Not sure why the other Rings had gems actually, maybe just to look nicer.
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“The invisible and the non-existent look very much alike.”
Delos B. McKown
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