Here's an article I found a while back. I wasn't able to verify the authenticity of it.
Aqeeq, in english, is also known as:
Cornelian
Carnelian
Red Agate
Agate
Chalcedony
Red Chalcedony
And here are some hadith on its merits:
A Hadith from Janabe Salman Farsi states that the last Prophet requested Imam Ali to wear a ring on the right so that he may be listed among the Muqarrabeen (those near to Allah). The Imam asked the Prophet as to who the Muqarrabeen were, to which the Prophet replied Janabe Jibreel and Janabe Mikaiel.
Then the Imam inquired as to which stone should he wear. The Prophet replied Aqiq (cornelian), as this red stone had accepted the Oneness of Allah, the Prophethood of the last Prophet, and the vicegerency of Ali ibne Abi Talib, and the heavens for Ali's friends and Shias.
The 8th Imam was once asked why the 1st Imam wore his ring on the right hand. The Imam replies that Imam Ali is the leader of the Ashabe Yameen, and the Ashabe Yameen are those records of actions will be given on the right hand. And secondly, the last Prophet also wore his rings on his right hand.
The Shias will identified by these symbols, having the ring on the right hand, praying 5 times a day at the right timings, giving charity, distributing among his religious brothers his belongings, ordering good actions and keeping people away from evil.
The 9th Imam stated that Aqiq takes away the poverty and dissolves differences in one's heart.
The 6th Imam stated that Aqiq brings safety while traveling.
The Prophet stated that Allah finds it difficult not to listen to the prayers of those who have Aqiq and Firoza rings on their fingers, and feels hurt to negate their prayers.
The 6th Imam stated on Durre Najaf, that all the Momineen and Mominaat feel happy when they sight this stone, and the pain of their eyes is relived. The Imam stated that he wants every Momin to have five rings. Yakoot ring is the best. The second is Aqiq as it is a stone which has affection for Allah and Ahle Bayt. Third is Firoza which gives strength to the eyes, expands the breast and strengthens the heart. Whenever a Momin goes for some work with a Firoza ring on his finger, his work is done. Fourthly one should wear the ring of Hadeed Cheeni but not always. Only when one is afraid of some mischief then he should visit that environment with this ring on at the stone keeps the devil away.
And the fifth ring should be that of Durre Najaf which
is found only in Najaf. When a person wears a ring of Durre Najaf, at his every glance towards it, Allah gives him the reward of Ziyarat, Hajj and Umrah, which are kept in his record of action. The reward is equal to the rewards of the Prophets and pious; if Allah had not been merciful towards the Shia, then every gem of Durre Najaf would have been costly but Allah made it readily available so that both rich and poor can wear it.
Also Imam al-Sadiq <a> has narrated:
Some actions are to be performed after the completion of every compulsory prayer and these are called Ta'qibaat. Out of the numerous actions that have been recommended, there are a few verses of the Holy Qur'an that have also been prescribed and carry much reward if recited after the daily prayers.
Attached is a list of the verses that should be recited and a note of the reward gained for the recitation of each one.
1. Ayah ash-Shahada (Surah Ali-'Imran: 18-19)
In the commentary of Majma'ul Bayaan, it is narrated from the Holy Prophet that those who recite this ayah make a covenant with Allah (S.w.T.) and Allah always fulfils His covenants. If this ayah is recited after every prayer, then Jannah is guaranteed to the reciter.
2. Ayah al-Mulk (Surah Ali-'Imran: 26-27)
It is narrated that the Holy Prophet (S) once advised one of his companions, who was in debt, to recite this ayah after every prayer and then supplicate to Allah (S.w.T.) for the repayment of his debts saying that even if the debts are equal to the entire land on Earth, they will be repaid.
3. Ayah al-Kursi (Surah al-Baqarah: 255-257)
It is narrated from the Holy Prophet (S) that there is no barrier between the person who recites this ayah after every prayer and Jannah except for death ie. he will be taste the pleasures of Jannah immediately after his death, and only that person will be able to recite it who is pious and righteous.
4. Ayah al-Madhkurah (Surah ar-Rum: 17-22)
Whoever recites this after every compulsory prayer will get a reward equal to drops of rain and grains of sand. The Holy Prophet (S) has highly recommended the recitation of this ayah especially during the early morning and evening times.
5. Ayah as-Sakhrah (Surah A'araaf: 54)
This should also be recited after every prayer. The benefit of reciting this ayah is that it acts as a protection from Shaitan. It is said that the one who recites this ayah is protected against the plots of Shaitan even if he is alone in the desert.