Depends, how directional are the torches, how big are the rings, how big in relation to the frame, what's the background colour?
In short, gold rings are reflective. You are going to see every part of your lighting setup and your studio and camera too if you're not careful with the lighting. Easiest way to not get reflections of the camera and studio is to make their reflections (in the rings) relatively dark compared to the subject itself, ie lots of light overpowering the room lights. But then you get lots of reflections of the lights themselves.
Also, having highly directional lights can blow out some parts and leave really dark shadows (although that could be what you're looking for). Solution is to get more lights to eliminate the shadows, or use softboxes to diffuse the light a bit. If you've got no softboxes yet, you can also get them from chinese fleabay for £5 each. They're made for speedlites, but nothing some Gaffa tape won't fix. And if the torches are too bright, you can add successive layers of tissues to cut it down more, or just move them further away.
With, say, 4 torches and 4 softboxes for £60 you might end up getting a quite versatile setup (at least, for macro, won't be much use for portraits).
I'd also be thinking about how to mount them, those Manfrotto gorilla-clamps (or whatever they're called) would be ideal, gorillapods and gaffa tape if you've got them, or the traditional stack of books and a few beanbags would make a very cheap setup.
