Yes, this is an old post .... noticed a google search spider looking at the thread for whatever reason and I was curious to see what was in here.
I have worked in the jewelry box display business before, and the actual method used for single or multiple ring boxes at the place I worked at was to use a slit foam backing and cover it with whatever material the customer desired.
The typical method involved setting rows using a rigid backer, and/or cutting the foam to fit the space desired. The entire surface was then sprayed with a contact adhesive and the cover was pressed into place. We used butter knives that had been specially ground and shaped to press the cover into the slits in the foam to form the ring holding areas before the adhesive had time to set, and covered the entire tray or insert in this way. We then installed the insert into the container via more adhesive, and used the butterknives again to press the cover down all around the sides for a neat and professional appearance. For even neater appearance, a shadow board is then secured over the rows with special punched cutouts so that rings would be properly spaced apart from each other for unobstructed viewing or to prevent the ring from shifting around during shipping. The shadow board was typically made of plastic or heavy cardboard and flocked or coated with thin felt. We used the heavy cardboard flocked boards as earring holders as well.
Jewelry boxes bought from Hobby Lobby that are in an unfinished state can easily be upgraded to hold special pieces like you see in displays at major outlet stores. Material for these upgrades are easily obtained from Hobby Lobby, Jo-Anne's Fabrics, and many other stores. If you choose to upgrade an existing box with these coverings, keep in mind that any boxes that are made to fit inside will have to be a little smaller so that they can still fit after being upgraded with coverings of their own. Make allowances for multiple layers, or cut away layers that will be tucked underneath to reduce the excess dimension to a manageable level. For best professional appearance, a final covering is given to the underside of each box or tray, usually of the same color or material, but sometimes in a differing color. What matters is that it's cut squarely and neatly.
What was my actual position at Warner Jewelry Box and Display? Material Cutter. I handled cutting the bulk material rolls so that the employees out in the work area had properly sized and shaped pieces to work with. My tools of choice were a razor sharp pair of scissors, a pencil for marking, a tape measure, and an oversized paper cutter on steroids for cutting up to 10 layers of material at the same time. Basically, it was a hand powered beam shear.