Pick out and sharpen several colored pencils.
Keep in mind some pencil brands break easily while cutting.
It depends on how big your ring platform is but mine is 12mm and it fit 12 cones/tips.
With your xacto knife, carefully cut the tips of the colored pencils.
Be careful not to push to hard or the tips will break or fly off and poke someone's eye.
Finally, just glue the cones/tips to the platform of the ring base.
Let it dry for as long as the glue says it should and coat with clear nail polish (optional but probably would help keep it from breaking).