"Hey nice ring you got there."
"Gee, thanks, it used to be my grandmother."
Sounds just a bit odd, but I'm sure people will put it in a ring something similar as well. Who said we don't appraise the elderly?
Anyway, I think it's just as good a ritual/memorial act as any. It'll probably last even longer than most graves around here, so in a way it's a one-time deal and you get the item for alot longer than other burials...
Of course a grave is a way for the rest of the community to remember the deceased as well, something you won't have here, but I'm all for it.