What exactly is a Chapter Ring?

[skydweller_sg]

Is the chapter ring printed or pasted on the dial?
From your photo it looks like printed

[skydweller_sg]

engraved rehaut or chapter ring


photo courtesy of rolex.com

just to clarify, the "ROLEXROLEX..." engraved ring is called the 'engraved rehaut'
not the commonly known 'chapter ring'
saw some confusion with the two terms

the chapter ring refers to the circular band on the dial of a watch that bears the numerals or other symbols of the hours/minutes

*rehaut: [french] flange/channel/protruding rim

[skydweller_sg]

another closer look at the rehaut