Finally I made a Bangle with a reasonable amount of MB. This Bangle is not only ornamented. It has glass beads and holes.
It is very easy to change it according to your need: not only the material is replaceable but also the ornament because the displace modifier is not applied.
In addition to Blender I only used Gimp for the ornament. No compositing or postprocessing.
Thanks for Gold go to elbrujodelatribu [www.blendswap.com/blends/view/38983].
The mentioned reasonable amount of MB made me so happy that I took upon me to write a tutorial in PDF in English [https://www.dropbox.com/s/xqa4c3tduvspdfb/How%20to%20Model%20a%20Bangle%20in%20Blender%202.71.pdf?dl=0] and German [https://www.dropbox.com/s/3n9cl7345j2nxq1/Tutorial%20Modellieren%20eines%20Armreifs%20in%20Blender%202.71.pdf?dl=0].
Alternate Download for the Tutorials: English [https://www.sendspace.com/file/46rjwg], German [https://www.sendspace.com/file/lnfauo].