I'd be interested to know how long it lasts - and if the leather lasts/cracks. I ordered some leather guitar strap attachments and have already torn through the first one. (Amazing that China can even manage to produce rubbish cows.) [Sigh]
I have one of these (ebay or Aliexpress):
(But NOT one of these:)
I've seen the second type easily breaks the ring off at the top of the Volvo circle.
Had the first type a few years now. It's still silver (hasn't rubbed through to a different colour). I also dislike key rings that are always swinging while driving. Because it's short, with no chain, it doesn't do that. It also has a flattened ring like in your photo, but bigger I think... Instead of the boring bent piece of wire many have. It still makes nicks in the plastic-headed Volvo key though. The black paint is recessed, so it doesn't rub off, but there's an all-silver one too. There's also one with a blue on the straight bar across the middle, but it's a little harder to find. (You more often see the blue-banded ones with the easily-broken ring.)
Only other negative is, it attracts a lot of dings. So whilst it stays silver, it does get rough when enough plating is gone.