Slayer's Skullband does not grant Improved Dodge V

The Slayer's Skullband is a ring that grants Improved Dodge V per the description.  When equipping this item and checking my dodge rating via #mystats there is no change in the dodge rating.  When equipping a pair of synthesized chain sleeves which grants a boost of 8 to the dodge rating the rating does appear upon a refresh of #mystats.  I have equipped the ring with and without the sleeves and equipped them sleeves first and ring first and in all cases the sleeves grant 8 to dodge and the ring grants nothing.

Please have a look at this item, this is one of the few items with a Improved Dodge V that my class can equip.