A character succeeding at a bluff vs. sense motive check is not automatically believed by PCs or NPCs. He merely sounds believable.
A character with a good bluff skill (say +30) could walk up to the royal gate in Gaunt and claim to be the king. He could even make the DC 40 check. However, the guards' reactions will not be "Wow, he's the king. Whose head do you want removed sire?" Instead, it will be, "well, he really seems to believe this. And he has some pretty good explanations for why he's a foot shorter than the king, about 50lb. heavier and the wrong skin color. But I thought the king was in the throne room. I'd better get my superior/get a cleric who can detect magic and lies/send a runner to check if the king is still in the throne room."
For PCs, the bluff/sense motive situation is even less deterministic. After all, PCs don't believe anything that their players don't want them to. An NPC who successfully bluffs a PC merely sounds believable. The PC doesn't necessarily believe them. Since most PCs know that they're not the best judges of character and honesty (ie they don't have good sense motive scores), they will probably want some kind of verification when the halfling claims to be a Llammasu polymorphed into a halfling and therefore trustworthy. Odds are they'll get a cleric to detect magic, cast zone of truth, and detect lies and then offer to dispel the polymorph with a few greater dispellings before they'll really believe it and act on that belief. All of which is reasonable for suspicious characters confronted by a convincingly presented outrageous claim.
In the situation you describe, I would suspect that any character with the Craft Wondrous item feat would know that the sorceror was lying about "amulets of natural armor can only be used by sorcerors." Any character with spellcraft would know that Detect Magic doesn't reveal that kind of info. They would also know whether the sorceror cast detect magic, identify, or analyze dweomer (the differences between the three spells are pretty obvious). Furthermore, any character who detected magic when the sorceror was in the area of effect would soon learn that the rings were indeed magical. If the sorceror lived and continued on with the party after the rest of the party discovered he'd been cheating them, I suspect that no character would ever believe him on the subject of loot again (no matter what his bluff score--Bill Clinton's a good liar and often sounds convincing, but how many of us will believe him the next time he says he didn't have sexual relations with an intern). In fact, they'll probably either pay a trusted NPC to detect magic on and identify the items or have a more trustworthy PC do it. The sorceror's word will be worthless from then on out.