Finally chose some beads for the drawstring (bought ceramic beads from Fong's in LA Chinatown) and purchased the string (a satin cord). They match pretty well!
I already had some small matching fabric squares... so I decided to add those, too...
I sewed them into little pockets and stuffed them with some gauze I already had. I then sewed them onto the end of the drawstring. I also cut the string in half to make two strings.
I took strips of the same red cloth and sewed them into drawstring pouches inside the rim of the bag.
After sewing it inside the rim I used the usual method of running the drawstrings through it using a safety pin. (If you aren't familiar with that, send me a message!)
Now all you have left to do is slide the beads on the string and tie a knot!