In The Council of Elrond Gandalf describes his meeting with Saruman in which Saruman states: For I am Saruman the Wise, Saruman the Ring-maker, Saruman of Many Colors.
What does he mean by Ring-maker? This has always bugged me.
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Saruman had long studied the lore of the Great Rings and their crafting. It stands to reason that he also experimented with making Rings of his own. Tolkien never states what success the wizard had with that, so we can only guess. It does seem likely that he at least crafted one or more rings of lesser power, perhaps giving some to certain of his servants or spies.
Sounds plausible, thank you. I think it's briefly mentioned once again in Return of the Shadow but I'm not ready to tackle that one again quite yet.
I am sure I read that when Gandalf goes to see Saruman at Isengard, he is wearing a ring. I have always wondered what happened to that ring? As it does not appear to be mentioned again. Perhaps it is rolling around the Shire somewhere waiting for an unsuspecting young hobbit to find.