Rubber Band
Elastic Band
noun
A ring of gum (ゴム) (which is what Japanese people call rubber quite often) is a ring of rubber. What is a ring of rubber that people use often? It's a rubber band.
わごむ
わゴム
The reading for 輪 is the kun'yomi vocab reading, which is わ, making this word わゴム.
この輪ゴムはとても丈夫です。
This elastic band is very durable.
輪ゴムどろぼうのうたがいをかけられていたが、ついに晴れの身となりました。
They suspected I was the rubber band robber, but I've now been cleared of all charges.
わぁ！そのワンピマジで可愛い！カラフルな輪ゴムの絵がたくさんプリントしてあるんだね！そんなワンピ初めてみたよ。
Oh my God, I just totally love your dress! So many colorful rubber band pictures printed on it, eh? I’ve never seen a dress like this before.