I made some rings as follows:
I had a lot of scrap wax, so I melted some into those aluminium containers that “tea light” candles come in. When the wax had set, I heated the tip of a tapered mandrel, and melted it into the center of the wax. Clamp the mandrel with its wax in the chuck of a flexible-shaft drill, and you have a little lathe – various tools – burins, files, little chisels – can be brought up to the spinning wax.
I turned the blanks – 2 framing ridges on the sides and a smooth curving blank in the middle, then decorated the middle sections – with engraving, carving and adding small blobs of wax.