Black culture and gay culture have always been on the cutting edge. Gradually, eventually, certain trends that start out as significant indicators for those communities get absorbed into the mainstream. Droopy drawers, earrings on one ear or the other, tattoos, etc. have all become fashion options that anyone can choose... regardless of sexual identity or race. Thus, their original cultural indicators are rendered meaningless.

Rainbows and speedos, however, have persevered as pretty reliable indicators. The signet ring, on the other hand, has never been a mainstream trend... at least, as far as I recall. Peace.