On 9/27/13 I posted about big bold hoops. I mentioned that you could cut them with shears, but less filing, sanding was required if you used a jewelers saw. The hole however, is a different story. I didn't say how to create the hole, and had some follow up questions. Sorry. Yes, you can create it with your saw. (punch a small hole in center, run your saw blade through it, then reattach the blade to your saw, and cut the inner circle). A saw is probably the most economical purchase. ($8.95 - $15.95 on my favorite site, FDJtool.com) More economical, yes, but more labor intensive. (Although owning a jeweler's saw will allow you to create other wonderful items from sheet metal.)
A Large disc cutter (I have a Pepe 1/2" - 1" 5-piece set) can run from about $54.95 and up. I have seen better deals on Ebay and Amazon, but you may not get a Pepe. And of course larger sets can run much higher. Simply do an internet "search" for Large Disc Cutter Set, and you should get lots of hits, and you can search to your hearts content from there.
The other option is a "Mighty Punch", or handheld punch.
Again, I found this one from FDJtool.com. They're currently $34.95.
Hope this helps with how to create a large holes in your creations. I also found reasonable prices on ArtFire and Utopia Tools.