This is the result:
You cannot see in the image, but the thread is a 40 variegated Brildor... strand of 3.
It is only rings, so you will use 1 shuttle.
String 1 yellow, 1 red, 1 yellow (this will be used at the last ring) and then 6 times this sequence of seed beads: 1 yellow, 1 red, 1 yellow, 1 white.
Remember: you have to keep in mind that you have to string the beads in reverse order, so you will use first the last bead you strung. Hope it makes sense. This is important only when you have more than 1 color or different sizes.
So... You start the ring with the first white seed bead in the llop: 4 - 8 - bp 4 - 8. Do not turn work.
Take the next 3 seed beads, hold them firmily between your thumb and index. Take the next white seed bead, make the loop and start the next ring: 4 + 8 bp 4 - 8.
And so on, until you will have all six rings.
The rings will tend to curve. If you use only 2 seed beads between the rings, it will curve more, if you use 4 you will have a a nice beaded curved chain inside the bow. Just an idea... I intend to make a complete round but in green with red and white seed beads, it might give a nice wreath.
Now you turn the work and attack the big ring.
There is now a trick! You might need a very fine crochet hook or dental floss folded in 2.
Bring the last 3 seed beads and make the loop for the last ring.
Work the first half of the ring. Take the dental floss, take the loop thread like if you want to string a bead. Get this floss from underneath of the work between the first ring and the first seed bead, bring enough thread on the upper side of the lace. Now you can string the bigger pearls (mine are 3 mm each) and secure them with a paperclip. And then finish the ring 15ds bp (with the last 3 seed beads) 15 ds. Close the ring. And then bring the paperclip at the base of the ring and make lock join.
This diagramm could help a bit:
Finally, you have to get something like this:
If you will work with a thicker thread as mine, you should adjust the amound of ds... My piece is really tiny: 2 cm long and 1,5 cm wide...
Should not be that complicated.
The last lock join... Make sure you close the last ring completelly and evenly... Being a big ring, you could consider closing it little by little, sliding gently the first double stiches to the starting point, holding them in place between the lest thumb and indes and pulling the shuttle thread as often as you need. Like this, the ds are more even, at least this method does the job for me. It takes a while to close a ring, but the result pays off.