Start by cutting the felt sheet into 2 inches wide strips appx. 7 inches long, and gold felt into 1/2 inch wide by 7 inches long pieces.
You will need one of each for each napkin ring.
Now use scissors to fringe cut the edges of the regular felt on each side leaving 1/2 inch in the middle uncut.
Use fabric glue to attach the gold felt to the center of the regular felt to cover the uncut portion.
Once the glue is dry you can fold felt into a ring shape and glue the two ends together with about 1/2 inch overlap.