How I turned this.
First I cut a 3 x 3 x 1.5 block of walnut.
Mounted between centers, and roughed out the shape of the outside. I then used a 1/4 gouge to free the ring from the block.
I then mounted that roughed ring on the outside of chuck and shaped and finished the outside.
I then mounted the bracelet on inside of the chuck and smoothed and finished the inside.
I then re-mounted on the outside sanded and finished
took about 60 minutes.
This is the dumbest method EVER. Don't do it.
Get a 2/12 forstner bit to drill out the inside radius. mount the thing on the chuck once for the inside, then once for the outside. 20 minutes top.