Caitlin from The Merry Thought shares this awesome tutorial for turning very small pieces or scraps of hardwood into natural wooden rings. She uses a few specialized tools like a belt sander and scroll saw, but you could recreate this project with a coping saw and some sandpaper. The only necessary tool is a Forstner bit to drill out the hole for your finger, which you'll do as the first step before cutting and shaping the ring to size. The cool part is you can make the actual shape of the ring whatever you like: a simple band for yourself, or a more decorative shape for a lady in your life.
If you're looking for hardwood scraps, contact a wood flooring company or local cabinet shop. They have all kinds of small pieces in a variety of species that they'll be happy to give you for free.
Get the full how-to at The Merry Thought: Simple Wooden Rings [via Craftzine]