I will suggest you line the inner side of the ring with so self-adhesive copper conductor tape, with out getting the tape wrinkled in the process, for a completely smooth action.
Also,stop by a Walmart or a craftshop and look for the pale green "Martha Stewart" paper hole punch.
It's for drilling clean, round holes in papers, card stock and fabrics, etc, and has three open center drills inside the handle, with the middle sized one making a 3mm hole, to accommodate a bearing.
I just miked the copper tape I have on hand, and without the backing, it looks like, .02 of an inch, so maybe, one full wrap plus would be needed.
Let me know if you want to go this route, and I'll shoot you a couple of feet so you can give it a go.
Also, there may be thicker copper or other metals that may meet your needs better.
Cheers.