I used a swimming safety tube/floaty but you can use any fabric.
Cut up your fabric but leaving some space on top.

Fold your 'tassel' and stick the top with a duct tape.
You can first fold it then clamp it with a crocodile clip while you cut the tape in half.

Put some glue on top and make a loop with wire and then, glue it where you put the glue.
Put some glue on the surface of the back tape and glue a stud, rhinestone or beads.
You can check out my 'fake studs' tutorial.

You can string beads on the tassel and tie a knot but I like it this way.

Yo can also make a pair of earring with this tutorial but I haven't pierced yet :P

To make a brooch attach a pin on the tassel.