The scene is:
Wizards have gathered for a once a year forging of a ring of power. The ring is struck only once each year. There are required to be mythical beasts (don't remember which one) in the room when the forging takes place.
The wizards have to feed these beasts all year long for this one event. Complaints are made if the ring will ever return the resources required to forge it.
The main character, a young student, is in attendance at this forging.
I can't remember if this is a scene from a Deryni novel or some other novel from the 70s or 80s.