If you have a punch & die set—either by Waldron of Historex—you can update the tool so that it can make rings. You need to have access to a lathe, or harass either manufacturer into producing an update set.

This is the Historex set. It doesn’t have the range of diameters that the Waldron Precission Punch & Die Set has, but I find it a very useful tool nonetheless (I just bought the Waldron set, but haven’t used it yet). The top-right image shows the set of sub-punches I made myself. Use a normal punch to first punch out a disk. Move the plastic sheet to the subsequent hole and use the smaller diameter of the sub-punch to align the part concentrically. Then you can punch out a small ring. The lower-left image shows the range and fineness of such a small ring that you can make. For example, I use the sub-punch set to make rings for eyebrows. Very thin rings often get teared to pieces, sometimes even depending from what side of the plastic sheet you’re working one.

This is a nice trick to make a good tool (albeit very expensive) even better.