Here we go!
cut two oval pieces of the grey felt and one of the lace.
cut a slightly smaller piece of cardboard in the same shape.

put the two pieces of felt together and the lace above them and start stitching them all together.

before you finish place the cardboard between the two pieces of felt and add some stuffing above it.I'm using the cardboard because i want my ring to be pufffy at the top but flat at the bottom.
(what you have now from the bottom to the top is: felt-cardboard-stuffing-felt-lace)

now take the chain and measure how much you're going to need to cover all the ring.
using a pair of pliers pry open one of the chain links on the end, slip the other end through the open link, then use your pliers to close the link back up.

put a generous amount of glue around the ring and then place the chain.it's a bit tricky to make the chain stay on the right place..

now glue a ring base( as usual i dont have one so i'm using wire) and you're done!!!!
Hope you like it!