So decided to "dig" into the Topps Diamond this morning and with my three Digs, and unlocked these virtual rings. I guess the point of having these virtual rings is to keep buying packs and therefore keep collecting and unlocking your Diamond Giveaway cards. From there, you'll move up on the points scale and receive various prizes. I also have read that trading of cards and rings will not start until April 1st.
At some point today, I'll finish posting what I didn't get to from yesterday, so be on the look out for that, plus later this week I'll showcase I sweet card I received in a trade with Cards from the Quarry. If you haven't already, go check out his blog! Like me, his blog is fairly new, and has really put out a lot of strong content.