I made some school rings, using two methods: A wirewrap ring band and an embedded metal ring band.
You will need:
* Makit & Bakit high flow styrene plastic crystals see http://craftsuppliesforless.com/kidscraftsupplies_makitbakit.html or type Makit & Bakit in search engine of your choice and you will find lots of sources.
* 2 part silicone mold making compound (needs to be silicone so it can be baked in the oven at 375 F) http://amazingmoldputty.com/ or many other brands available at craft and jewelry supplies
* LifeSavers candy or any other candy you want to copy - it needs to be something with a flat side so you can make an open-faced mold.
* various gauge wire for wire wrap ring band OR thin pieces of stiff metal, old watch hands, thin metal tube or simlilar for embedded ring band.
* aluminum foil
* baking sheet
* small spoon or plastic straw with the end cut at an angle
* oven - gas or electric - must be radiant heat - NOT a microwave, with an exhaust fan and/or open window nearby (ventillation)
* heat-proof bowl
* heat gun
* wire cutters
* small pliers, round nose, chain nose etc.
* alphabet pasta for making raised letters (I found English letter pasta and even Hebrew letter pasta!)
* white glue, paint or some kind of sealant for the pasta letters