Here is what i have done with it now

This is done with a shuttle but i had to unwind the shuttle and pass it through the rings needed then rewind the shuttle to tat the ring. It is a bit fiddley but i think it is worth it.

New Idea

OK i seen a wonderful bookmark on a German site http://mitglied.multimania.de/fodografinshp/Anleitungen/Lesezeichen-GreenKnots.pdf and i fell in love with it. And i have worked on this little bit all day today trying to figure out how to do it, I am not sure if it is right yet but i sure do like the way it looks. What do you think???