Here is a really rich and glossy lip balm with a nice nutty flavor call Lip Balms & Solid Lotions which appears on the Soap Crafters website.
The ingredients you will need for this project are 1 TBSP Macadamia nut oil,1 TBSP Coconut oil (it is semi-solid below 76 degrees, 1 TBSP Jojoba oil, 1/2 TBSP Castor oil, 1 TBSP of beeswax pearls, 1/4 Tsp of flavor oil (try something 'nutty' like Oatmeal, Milk and Honey or a vanilla).
All you have to do is melt the oils and beeswax till liquid (the author used a microwave at 40% power for a few minutes) but you can also use a double boiler (or a make shift one with a glass measuring cute and a sauce pan). The add the flavor oil and pour into pots or tubes. If you do not want to add flavor oil, the macadamia nut oil provides a nice subtle scent. And it has a nice custard color without any coloring.