Ultimately it's your DMs choice whether he allows it or not, but...
The Dungeon Masters Guide recommends (p. 237) that
Sometimes a character fails an ability check and wants to try again. In some cases, a character is free to do so; the only real cost is the time it takes.
This tasks would be stuff like picking a lock (assuming nothing breaks), everything, where you can see that you failed, but the circumstances didn't change.
[...] In other cases, failing an ability check makes it impossible to make the same check to do the same thing again.
This would be a check where the circumstances change, like in a discussion, social interactions, when something breaks, etc.
I would personally add a third category of failed checks. The ones where you don't know that you failed.
If you try to open a door or pick a lock and it doesn't open - you know you failed and you try again.
If you look into the distance or check a ring for something unusual and you find nothing - you haven't found anything, and you would think that it is a normal ring and tell your party members so. You might give it someone else to have a look at it, and it might be realistic if you have someone with a keen eye in your party, but your DM could consider it meta-gamey.
Even if you as a player might think "this has to be a special ring" your character is sure that he found nothing. - You have to differentiate between player knowledge ('This has to be awesome loot') and character knowledge ('Well, it seemed normal').
If you saw someone do something special with this ring you might be able to Identify it.