The ring effect relies on getting rid of the edges of the selection. The easiest way to do this is to make sure that your lights are not highlighting the edges of the object. If there is no light around the edges, the edges will appear black and blend in to the background.
Removing all of your lights and making sure Ambient Light is set to 0 is a good start. That way, the result will be completely black. When you're done with that, you can start adding lights again, but make sure that their brightness is set to 0, their Highlight Spread is quite high, they have a diffuse highlight (not the sharp one) and their Highlight Sheen is set high. This means your object is only being lit by highlights, and that means you can get some interesting effects from blowout.
You should also set the bevel scale so that there is a nice rounded surface over the top, this can be found in the Main Shape panel. Bevel Height can also change the effect, make sure it's set to around 50%, but higher should also work.
So, add 3 lights of a light blue tint with the settings as described above, pointing directly down at your object, and set the ring colour to a light blue. Make sure the surface is set to Metal (in the environment panel), this helps increase the colour range you can get before blowout.
Blowout can be seen in the central part of the effect where the ring is lit up white.
At the moment, if you've just got a basic set up as described above, you'll have something that looks like this... |