Cattle were important animals in Bronze Age Crete. In the absence of natural predators they were probably left to roam around the island and then rounded up when needed. Bull-leaping seems to have emerged from this way of managing cattle, like the American rodeo. A gold ring like this was used as a signet ring, to leave an impression in clay documents as a form of signature. Perhaps its wearer had distinguished themselves as a bull-leaper.
Further reading
Shapland, A.J. 2013. ‘Jumping to conclusions: bull-leaping in Minoan Crete’, Society and Animals 21: 194-207