It's even possible to get three Rings and still keep Valygar in the party afterwards, but I dislike spoilers, so I'm not going to say how.
The Ring of the Ram's description does not specify that it is a unique item, meaning others could exist. As for Tolgerias having more than one of them, BioWare had every opportunity to remove the Ring from his Planar-Sphere version, especially if he'd already given you a Ring, yet they did not do so, implying that he does, in fact, have more than one. Heck, as a Cowled Wizard, he might be employed in making the things, and have a box full of them in his garage.
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Volothamp's Comeuppance
Everything you ever needed to know about the entire Baldur's Gate series......except spoilers.
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