All you need is:
a yard of ric rac
matching thread
hand sewing needle
buttons for center
felt scraps
clipper if you want to make this clippable.
First off, cut out two circles the same size. They don't have to be perfectly circular, as you can see. I cut out a 2.5" square folded it in half, and then half again, and the rounded the corners.
Then thread up your needle, knot the ends together and tack down the end of your ric rac to the edge of the felt.
Continue tacking (taking a small stitch) down each point around the edge of the felt.
When you come back to where you started, continue with the same piece of ric rac, moving inward towards the center.
Keep on going, layering and tacking the points down. When it gets smaller, you'll need to start pinching the rics and racs (ha!) so that it will fit better.
Then when you get close enough to the middle, trim off the end, leaving a little bit extra.
Add a button if you like, or leave it plain.