I bought this ribbon ornament at the Alameda flea earlier this month. I wanted to try to replicate it. I found this lively ribbon at gilding the lily and thought it would make a really beautiful ornament.
First, you need to cut 8 lengths of ribbon at an angle. Run a bead of glue down one side of the ribbon and fold the other side over to match up on the point of the ribbon. Create the 8 points and then glue th together in a circular pattern. Glue a piece of jewelry in the center, or a photo, or a tulle circle with a button.
These can also double as a package bow for a special wrapped gift.