This ring? I'm guessing it is colored epoxy?
Good catch Randy!
I had forgot about that. If I remember from when I had the cue built initially, I am fairly certain that I wanted the hit of phenlic collars, but they said the black phenolic they had on hand was "ugly" and they didnt want to make joint collars out of them. So they sleeved implex over the phenolic... or I could be completely off my rocker, and they are just implex because they didnt want to use phenolic at all.
This is a new shaft that did not go with the initial build, so even if it was sleeved implex over phenolic, I don't know that the new shaft would have been done the same way...
It may just be a difference in finish from a facing cut when matching new shaft to old butt (that falls into the realm of way over me knowledge base)