Brian,
What a fantastic find - thank you.
I am tempted to ask for a larger picture - but from looking at this one, my GUESS is that it is a 'head band' on which the basket was carried. Twisted using one strand round three times and perhaps the two ends are tucked opposite each other (in the picture one at 10 o'clock the other where the strands emerge at about 5 o'clock). This would be quite sufficient if it were a headband because there would be no strain on the ring.
I have watched native women in Africa make a similar item to carry a head load, using a piece of cloth.
Gordon