Steering wheel emblem rings`
 

is it possible to remove only the rings and replace them? Or, do I have to remove the airbag, strip the fabric and replace that?

I imagine you could carefully remove and replace the rings, if you had a donor set. Not sure you can buy them, though.
As far as replacing the material, the leather center of the wheel is actually part of the airbag. It is designed to split open when the airbag goes off.

Thanks, I thought that it might be like that.