Nokia Nenya magnetic ring controls your handset

In a page off The Lord of the Rings trilogy, we have Finnish cell phone manufacturer Nokia coming up with the Nenya magnetic ring, where you wear it around your finger (and not wear it on your neck, and no, it will not turn you invisible or anything of that sort), twisting it accordingly to control your handset. The ring doesn’t look anything out of the ordinary, but it is actually a very strong magnet. Whenever the ring moves, it will result in changes to the surround magnetic field, which in turn are picked up by a bracelet that is also worn by you, where the latter is connected via Bluetooth to your handset. Among the options of different twists would be requesting the caller to hold, or perhaps updating your current location on a social network. No idea on what kind of battery life the bracelet itself will have, and can it be charged via USB? This seems to be a long time in coming though.