Note steel rings have ends filed to a long point so that they lie flat when squeezed together.
It looks as though the leather is fitted, the steel rings squeezed on and then the leather hand stitched with the thread passing through the rubber tube.
I had some door pulls refurbished years ago. The upholsterer machine stitched down both edges and picked up the stitches by hand to pull the sides together. I don't think this would have lasted and there is a good chance the stitching line would work its way round so that it became visible.
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