The purpose of this ritual is to dedicate an item/items to a deity for a purpose. The one's I did this with were Loki and Hel. Sounds a bit odd dedicating items to deities, but gets done. I guess you can think of it like a blessing.(?)
The manner I went about this was by first making an alter and jar for Loki and Hel. In concerns of the jar you can make it your self if you would like. Then you dress the jar by painting it in a way that represents the deity(ies). For the two I chose I used red, black, white, and purple. (Purple was an add on and not of the first three as a main colour) for mine I painted the jar white. Then I painted a knotwork raven with black paint on it - I felt led to represent Hel with a raven; Her name in runes painted purple; a knotwork wolf for Loki in black with a black nose and red eyes; and His name in runes painted red. Placed candles around the jar - preferably of colours to continue the main colours scheme of the alter/jar. I used red for Loki and purple for Hel. I didn't have black so I figured purple would be an acceptable replacement since it's a very dark purple. Place the items on/in or near the jar. From there you invoke upon the deity(ies) and give offering. Call upon the deity(ies) for blessing or what ever purpose you are dedicating the objects for. Give blood to the items and to the alter/jar directly. (Give thanks and) close the ritual.
As a side-note, I'd like to male mention about some thing concerning Hel. Apparently, when things are done properly concerning Hel, She has a tendency to make you feel like you are dead; even to the point as if rigamortis were kicking in. This is a good thing. And it is during this time that it is good to meditate, do trance-work, or even sleep; for She very well may have some thing to tell you or show you.
(For any one using blood in any practice, be smart and safe about it. Use sterilized, clean objects to attain blood. There are also other ways to get blood, suck as pricking fingers. Be sure to properly cleanse the wounds. It may be safe to have some one with you just in case.)