Here is a craft that I recently made.  Both the bride and groom love cats.  The stuffed cat toy was a gift for the ring bearing groom's niece afterwards.  A nice alternative to a satin pillow for the rings.

Materials required:

1 stuffed animal toy
1 ribbon for a 'collar' around the animal neck (long enough for neck and to make a bow)
2 ribbons for attaching the foam piece (long enough to make a bow once threaded through foam)
extra ribbon for more bows from the collar (if desired)
an oval shaped piece of craft foam non-tearing (can be any other shape)
exacta knife

Instructions:

1. Using an exacta knife, make slits (wide enough for the wedding bands) in the craft foam as shown in the paper template in photo.
2. Tie ribbon 'collar' around the animal neck.
3. Slip ribbon attaching the foam piece to the collar and tie with a bow.  1 ribbon through the 2 left-side slits, 1 other ribbon through the 2 right-side slits. 
4. Add any extra ribbon to collar, either making bows or having ribbon hanging down (all optional).

The stuffed cat was reduced to $5 from a boutique.  The ribbon was bought from a dollar store.. $1 per roll.  The foam was something I already had at home.  Probably available from a craft or dollar store.