Saruman's ring was not on the level of one of the Great Rings and maybe not even the Lesser ones, but it must have had some power. Saruman boast how he is Saurman the 'ring maker'. Tolkien in one of his letters expresses how if his story was allegorical then Saruman would have been able to find the missing links in Mordor and create his own One Ring. So we can see he had enough lore to create a ring, but was missing some key bits of information to really make a Great Ring.
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