The best drills for making wooden rings are called Forstner bits. These are great for several reasons, and they make the process much easier for making your wooden rings.
First of all, Forstner bits are available in a lot of different sizes that are very close to common ring sizes. They are also inexpensive when compared to other types of drills that are the same size.
Next is that they track really well because of the center point. All you need to do is get that center point exactly lined up where you want to drill, and you won’t have to worry about the drill moving out of your measurement.
Also, Forstner Bits leave nice clean holes as a drill, with very little tearing of the wood fibers. This means the inside of your rings will not need a lot less sanding in order to be smooth.
If you really want to take a lot of the effort out of making wooden rings, pick up a set of Forstner bits that are in the range of the ring sizes that you make, and you can even search for some very specific sizes if you need as well.
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