The inner lid of the box only needed one layer of cardboard, but the bottom needed to be 'higher', so I cut several cardboard circles, punched holes in the middle with my hole punch, and glued them on top of each other.
Then I cut out two circles of wine velour, and lightly glued them on top of the cardboard. I used a dowel to poke the velour down into the hole so there would be a place to insert the ring....