Picked up little key ring (6)

I believe the answer is:

eyelet

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'ring' is the definition.
(thesaurus)

I don't understand how the remainder of the clue works.

(Other definitions for eyelet that I've seen before include "Small hole as in needle or shoe" , "Hole for, eg, shoe lace" , "Hole in shoe through which lace passes" , "Small hole through which lace passes" , "Small hole through which a cord is passed" .)

I've seen this clue in The Times.

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