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I'm not sure if you were planning on using the cue in play or not. If so, you very well might want to get/find a new one. Most of the older "rainbow" cues had a very small tenon the rings were installed on. Since it was never meant to be a play cue, it wasn't a problem. We have seen some of them come to get repaired after being played.
The new version of the "Rainbow" cue is built differently and plays like any other cue manufactured.