I opened XCS and inserted an image from the XCS shape feature.

I chose the cocktail image.

I clicked on the image, then clicked on outline and set it to 2 mm.

Inserted a circle and made it smaller and place it on the top line of the outline.

Highlighted the circle and the outline and clicked combine.

Inserted another circle and place it in the first circle and made it to size.

Highlighted both the smaller circle and the outline and grouped it, so it can't move.

Highlighted the engraving part and set the setting, then highlighted the outline and set the cut settings.

I highlighted the finished image and copied it. 

The second copy i reflected horizontally.

Once engraved and cut, i added a metal hoop and the hanging part and you are ready to wear them.