Brian easy to make the punch, but a steel die is a different story.
A plastic die or a lead die will be easier.
For the punch you can use Washers. Go to a local Hardware store or a
giant like Home depot. Buy heat treated washers with different
diameters (od) Round of some edges if need be. You have to now mount
this on a Rivent like the ones you see on the bridges.
You can also imagine as wedding bands of different sizes being
stacked to make the concentric circles.
Materials like Jetset and Lead are not difficult to make dies.
All depends on the material that you are using.
46 Jewelry Supply.