tassel from a plastic lid....
I made several of these a few years ago, and gave them away as Christmas gifts. You first need to use a plug-in room de-odorizers so you'll have the lid, or TOP of the tassel. They're usually clear, but i've painted mine, usually gold. Drill a hole in the center. After drilling the hole, use a piece of yarn or braid you like for your loop or 'hanger'. Make a 4"(or longer)loop, tie a knot, slip on a large bead, and stick both ends thru the drilled hole. Slip on another bead which will be inside the bead, and tie a knot. Cut the yard/braid, and give a good dose of hot glue holding on to the top of the loop~it's a bit awkward, so maybe find someone to hold while you glue.
Now for the fringe part of the tassel. You can make it out of yarn that's been looped around your hand many times, and then the ends cut. OR, I buy a longer braided fringe(Walmart)and roll it tightly until I get an amount that will fit inside the lid. Glue where you start and where you end. To finish up, use your glue gun, and give the tassel braid a good dose of glue on the top, and push it up into the lid. If you want to add beads to the tassel part, slip the bead on the braid and use a tiny bit of glue on the top/bottom of where the bead is placed. You can also make the lid more decorative with beads/stones/ etc.
I started with the de-odorizer tops because i'm big on recycling and now i've also started saving those beautiful perfume bottle tops I usually throw away. Now if I could find a use for all the bottles i've saved too!!;o)