Interesting tool - useful once you know how to use it - a bit baffling otherwise. You can use either end - use it to hold awkward items like rings securely while you polish, add stones, etc. Place the ring into the jaws of one end (one end is curved, the other straight), and jam the wooden wedge into the other end, to hold the ring (or whatever needs holding) securely. Slip the wedge out to release. Pretty slick, really. Elegantly simple. Classic jewelers tool.
By the each.