I like making jewelry because it's so small and intimate. Most people wear some form of jewelry, usually gold or silver. I like the warmth of wood, metal is just cold and lifeless.
You can checkout my work here http://www.etsy.com/shop/robswood
Follow me on twitter, starting in July, I'll be giving away jewelry and discount coupons...https://twitter.com/robswoodjewelry
Step 1: What you need
wood, of course.
you'll need glue, I use super glue and gorilla glue. Some people ( well, many), use wood glue.
Acetone or latex gloves. The gloves will keep the glue off your fingers. The acetone will clean superglue off your fingers.
you'll also need something to give the wood a nice finish and protection. I use a mixture of mineral oil and bees wax, you might use that, or laquer, shellac or urethane, whatever appeals to you.
You'll need sandpaper...220, 400 and 600 grit.
A drill with a drill bit between 1/16" and 1/8".
2 6mm jump rings
2 4mm jump rings
And a saw. I use a bandsaw. If you don't have access to one, you can make a scroll saw work, but it's a challenge; straight and smooth is important. Or one of these contraptions, adapted for your purpose...
http://www.instructables.com/id/The-Smallest-Workshop-in-the-World/ step #4
Do not use a tablesaw. Don't even think about it. And, NO handheld power saws, the work is just too small. You can use a hand saw if you have one with a thin kerf, like a hacksaw or a japanese pull saw. If you're using a handsaw, the work must be held firmly in a vice.
If you're using a power saw, you need a fence. A simple piece of wood clamped to the worktable and parallel to the blade. It's important that the fence is clamped firmly and as parallel as possible to the blade so that the cut doesn't wander. Straight is important.