It's really cheap and looks nice.
1
Make a strip (like 4 sheets thick) same length as the outer circumference of your ring.
2
Make a circle (like 4 sheets thick too) of 4 cm diameter.
3
Bent and stick the strip to the circle with more paper.
4
In order to get a thicker face, place some yarn soaked in glue around the circle.
5
Paste another circle on the top. Let it dry.
6
Cover the ring completely with tissue paper and glue. Let it dry again and then you'll have an even surface to work with. Now you can paint and decorate it. :D