To give the veneer a rounded shape, without splitting
or cracking it, I use a homemade "bending
iron",
actually a copper tube heated with an air gun on which I shape
the dampen veneer stripe.


The veneer is glued in the recess using CA glue.
The glue will set on your skin in a few seconds, so I wear gloves
and I use a small stripe of adhesive tape to keep the veneer
in place while the glue sets. However I mainly use the non-adhesive
side of the tape to press the veneer with the finger while the
glue dries (this avoids the adhesive side sticking
to the wood)
Since the grain of the wood is
perpendicular to the bed of the lathe, you have two weaker spots
where the grain is shorter. You should start the veneer joint
at 90 degrees where the grain is the longest; as the grain of
the veeneer is continuous it will re-inforce the weak spots.
Also I'm quite generous with the glue, which also helps adding
more strength.
I've tried splitting a finished ring between my hand - like you
would do for a nut - and couldn't break it. Also I've plunged
one for 3 weeks in water to see if the glue would resist, and
I didn't observe any issues.

Excess glue is removed with the bedane. The
veneer is only about 0,6 mm thick, so one must take a very thin
cut to avoid cutting through it!

The ring is parted off the glue block using a
parting tool.

Make your own sander;
a piece of sand paper has been glued to a dowel in a block using
CA.

The inside of the ring is sanded on the cylinder.

Making a chuck on which the ring will be mounted during
sanding and finishing.