Do you know those nice guitar strings with a ball end (like this, for example http://www.frets.com/FRETSpages/general/glossary/BallEnd/BallViews/ballend.jpg ). You can re-use their end instead of pearls.
1
First of all save your old/broken/... strings and cut their end.
2
Decide what colours you're going to use.
3
Remove the string around your "bead".
4
Make a ring with the wire and leave around... 40 cm left.
5
Pierce the first bead.
6
Start wrapping the wire around the first bead, repeat for the other ones.
7
Now you should have something like the one in the photo.
8
Continue wrapping the wire over the beads... And you're done! :)