It will wear eventually but it''s a simple process to have them re-dipped. It was popular in the late 60''s, early 70''s to have rings oxidized then polished so the black areas would hi-lite carved details.
Black gold most often employs a rhodium or ruthenium plating with blackening additions (ruthenium is used because it is harder). The blacker the color the less wear-resistant it is - and all producers caution against rubbing or abrading. Like other electroplating it thins over time depending on individual habits and wear and must be re-applied.
Oxidation of gold alloys with cobalt/chromium is used to produce a black patina which is more wear-resistant, but those alloys are not suitable for mass-manufacture.
There are other ways to get a black finish - we've all seen the carbon coatings developed for the watch industry. I think I recently heard about a laser-application for fine jewelry but don't recall details. Someone else can chime in with more.