I saw this back in the early-to-mid nineties. It was live action, color, and in English. May have been dubbed, but I don’t think it was. While I saw it on TV, I remember it being a movie.

The female villain has this machine created. I don’t remember the exact workings, seemed to drain time/rapidly age the kingdom, then restore her to her prime. The hero starts out young, but is aged to an old man by the time he reaches the machine’s location. He manages to reach a ledge overlooking the gears, but is too weak to continue. He brings out the ring his love gave him, and dies. The machine continues to age him to dust, aging the ring as well, which causes the stone(a diamond, I think) to break free and fall into the gears, jamming and breaking the machine, a destroying the villain.

Nobody I’ve asked has a clue.

The only evidence that I wasn’t crazy was this Yahoo ask.

And no, it is NOT Howl’s Moving Castle.