By the Honey Crumb Cake Studio: honeycrumb.com
Pretty certain it's a stencil. You can see the irregularities in this photo--and no one could ever get those all that perfect (http://honeycrumb.blogspot.com/2012/08/pink-magnolias-cake-for-world-trade.html):

I finally found a good photo of Marvelous Molds double wedding ring overlay. It is very similar, but not quite as refined as the stencil. With piped dots in the center, it would probably do very well.
http://www.sugardelites.com/Double-Wedding-Ring-Onlay_p_1810.html?referer=mailid:14

by by Danielle Gray as shown on the sugardelites.com Customer Corner
Quote by @%username% on %date%
%body%