My dh used to work away and when our ds was 2 and dh had just come home we realised that dh's car keys were missing. We searched everywhere for two days, pulling furniture out and going through ds's toy box.
On the second evening, I happened to ask ds "sweetheart, have you seen Daddies car keys, we have been looking for them everywhere and if we can't find them then we can't go out", right away ds took me by the hand saying " I knows where they are Mama", he led me to his bedroom, pulled out the drawer under his bed and produced both sets of DH's car keys. I asked ds "we have been looking everywhere for these, why didn't you tell me where they were?", I got the response 'You knows ask me". I then asked him why he had hidden Daddies keys '"I no want him go way gen" followed by "I teach Daddy lesson, he no leave his keys out gen"
We were speechless! I should add that having taught ds baby sign language at five months, then spent hours every day with ds demanding I read the picture word books so he could learn every word, he was very vocal at two!! (My little girl was the same) My ds has since been diagnosed as autistic, which explains his very literal language!
Have you asked your dc where they are? It is worth a try lol as my story above shows! Do you have a sandpit? Does your ds like posting things down the back of radiators? My ds liked posting everything down the back of radiators at that age, including wax crayons, which made a lovely rainbow effect on our lounge carpet! Unfortunately, he also liked posting things into the toilet too! Thankfully you can use a knife to turn the lock on the outside of our bathroom door!
It's worth thinking of any schemas your dc might be going through, e.g enveloping, so putting objects inside things or wrapping objects up, transporting? posting as above!
I also recommend checking his poo, just in case he has swallowed your rings! In which case you might prefer to claim your insurance!
This link gives good examples of play schemas, maybe they will give you a good idea of what your toddler might have done with your rings!
www.flyingstart.uk.com/wp-content/uploads/2014/08/Schema.pdf