My personal opinion- NO! It’s all superstitious. Plus, it’s also a big commercial market. Elephant hair is very costly. So, more people spread the fake beliefs just to remain in this business. Most importantly, when you cut the hair of elephants, be it from the trunk or eyelashes, you actually limit their natural ability to manage themselves normally.
So I would suggest, stop buying such elephant hair rings. In fact, stop buying any product that is produced by harming the animals.
Now coming to your question in specific, the reason why people wear Yanai Mudi Ring spans into the Hindu mythology. It’s related to Lord Ganesha who symbolizes power, beauty, and strength. See, when Ganesha was born, he wasn’t smart. But then Lord Shiva replaced his head with that of an elephant. Following which he became extremely wise, powerful and intelligent.
So, people usually wear elephant hair ring thinking that a part of an elephant would bestow on them the same kind of wisdom, strength, and intelligence.
Does this really happen- like a person become better after wearing elephant hair ring? It’s very unlikely!!!
Again, avoid any product that is made by harming any kind of animal.
I would include that instead of depending any bit of gems to vanquish your snags, fabricate that capacity inside yourself. Not all deterrents you face in life will be things you can legitimately dispose of, however a large portion of them will be things you can discover ways around, in the event that you are yearning and flexible. There is constantly an answer when you face an individual barricade. Go to your internal quality and your loved ones when it occurs, not to a ring.
I would suggest you not to believe in such things, as they support hunting of innocent wild animals.
The belief may be popular because of the connection of Elephants with Lord Ganesha. Lord Ganesha is the Adhisthan Devata for the planet Ketu. And Ketu being the planet of salvation and black magic, these superstitious beliefs are associated with Elephants and jewelry made from their body parts.