take 1/8" round, hammer about 3-4" of the end down to a flat ribbon. forge shallow divets into one edge of the ribbon, about 1/4 the ribbon thickness, at 3/8 or 1/2" intervals using a hot cut, or if you don't have a hot cut, use a wide chisel locked upside-down in a vice. divets will be the edges of each petal.
Now that you've got the divets forged, further flatten and draw out each petal, then dress the tips of each petal down to being nice and thin, I like using a ball pein for this. keep the ball pein handy and swedge the lower portion of the petal-end of the ribbon, so the rose bud will curve under at the bottom.
Now take the 3-4" where you forged the petals, and bend it 90 degrees from the rest of the stock. Now simply heat and roll the ribbon into a rosebud. Curl the petals outward, to taste, with scroll tongs.
the remaining stock is normally the stem, and is forged to your taste prior to curling the bud. You should forge to whatever your ring plans are before forging the petals.
Actually....... I think I learned this FROM anvilfire . . .
I've never done one that small, but you better believe I am going to now! My girl would love a rose ring . . . good idea. lol