The Germans have always prized the traditions of the Knights, and a lot of Richard Wagner's works evolved around the theme of Knighthood- so it no surprise to see the raised arm holding the ring (ring of the Valkeries?) also encased in a Knight's armor-
Not necessary, it's a so-called "speaking crest: An iron arm holding a ring -- HG's name is spoken Gö-ring in German! The Iron - ring - wings of a pilot...
If you want to know more about WW1 fighter "aces", here is a link:
http://www.theaerodrome.com/services/germany/jg/index.php One of the lower aces of Jagdgeschwader 1, "Richthofen's Flying Circus", H.Maushake of JASTA4, with 6 "victories", was a friend and hunting buddy of my grandfather and told me some WW1 stories.
BTW, the sought after Luftwaffendrillinge were not made by Krieghoff, but Sauer & Sohn, Suhl!
