Saruman Ring-maker

[Vanya]

Saruman Ring-maker

I would like to ask for your opinion on this subject, since this is one of milestones in quite a serious study that one of my Serbian forum collegues is doing.
At the Council of Elrond, Gandalf tells us about his meeting with Saruman at Orthanc, after Radagast summond him:

" But I rode to the foot of Orthanc, and came to the stair of Saruman; and there he met me and led me up to his high chamber. He wore a ring on his finger"

And later on:

" For I am Saruman the Wise, Saruman Ring maker, Saruman of Many Colours."

Some of crutial questions to be answered are:

1.Since the ring making is significant, how come that it is not mentioned at all afterwards? If it was not important, why did author put it in the story? Is it possible that he deserted this idea, but left it unedited by mistake?

2. If Saruman forged this ring, what was the purpose of it, and how powerful was it?

3. Was it subordinated to the One, since it was forged afterwards?

4 Could it be one of the lesser rings, made before 9+7+3+1 were made?

5. Since Saruman used to tell lies, is it possible that this was just an attempt to intimidate Gandalf, and that this ring didn't have any power at all?