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.
彼女はヘアゴムの代わりに輪ゴムを使いました。
She used a rubber band instead of a hair tie.
輪ゴムなら、あのデスクの上に何本かあるはずですよ。
If it's rubber bands you're looking for, there should be several on that desk.