Thomas Chan 40 year old, Nicollet Avenue Jeweler and Art dealer in rare objects was in possession today of the Rudolph Valentino ring a 15 carat canary diamond ring was designed for the late film star. which brought about his arrest in New Orleans last March. Customs agents arrested Chan on smuggling charges, claiming he brought the rare ring, made for Valentino into this country from England. Chan paid $3,617 in penalties and $14,000 in other assessments before Uncle Sam would return the ring to him. He pleaded guilty to smuggling charges.