Saruman's Ring

[Voralphion]

Consider the fact that Sarumans ring was not made by him. But was actually a reward from Sauron for his service,

It says nowhere that Sauraman's ring was made by Sauron. If it was however, why would he call himself Sauraman,ring-maker. Sauraman in his long work studying Sauron's craft was trying to find out how the rings of power were made. He didn't fully find out how this was done so his ring didn't have any real power. He wore and boasted about it because he deluded himself into thinking himself as powerful as Sauron, which wasn't the case. I think Sauraman and his ring was just a case of trying to appear more important and powerful than he really was.