Great stage or parlor magic. You borrow a ring from a spectator. After vanishing the ring, you point to a box tied with a ribbon. You untie the ribbon and open the box. You reach in and pull out a smaller box tied with a ribbon. You untie the smaller box, reach in a pull out an even smaller box, tied with a ribbon. You untie that box and reach in a pull out a tiny box which has a padlock on it. You can hand this out to a spectator and she or he can unlock it and open the box and there inside is the ring, or you can unlock it yourself. 

Easy to do.