Deaths Judge,
Your problem could be the PNG format itself. Use 32 bit with alpha from photoshop.
I attached a fully working sample with planet and ring that you can experiment with. Included are media files and a working PNG. The plane I used is quite large in order to demonstrate a full gradient in the ring.
In this case, shininess of the ring depends on incident light hitting it, so if you rotate the plane away from light, it will seem to fade or darken as any other object would.
Project created with synergy IDE. If you have any path related error, use notepad to open the dbpro file and edit paths manually.
EDIT: I updated the program
May the 3d force B with U