Steilos, in SolidWorks you can create this bracelet by following these four steps.
1) - Draw a circle and extrude it.
2) - Create a profile to wrap around the extrusion. The profile length has to be exactly the circumference of the profile. (Diameter * Pi)
3) - Use the Wrap Feature to wrap the flat profile around the extrusion.
4) - Step 3 created a grove around the outside, so when you use the Cut Extrude feature, it will create 2 separate bodies. You can now give each body a different appearances.