[narfforc]

Saruman studied the craft of Ring-making for a long period in an attempt gain inner knowledge of The One and Sauron. The Ring of Saruman may well of been the first step towards creating his own Ring of Power, as with the lesser rings of the elves (Essays in the craft). There is no reason why a wizard of the order of Saruman would require to make and wear Bling, he calls himself Ring-maker and not jewel-smith. Even if the ring had the same power as Bilbo's magic cuff-links, it therefore had some power. It is either a ring of no power or some power, it may not be as one of the rings that the elves made, but does that stop others from doing exactly the same thing the elves did to make theirs.