I started with two dinner plate sized circles, and two side plate sized circles. I sewed each pair together (RST).
I cut a small slit in the middle of one side of each, and turned through, then I laid the smaller one on the outside of the larger one, centred it and draw round the smaller one (I used a frixon pen)
I stitched a circle of bias binding outside the drawn line (folded in the ends, left an opening)
and threaded ribbon through the binding casing
I flipped it over, and placed the smaller circle in the centre of the larger one and stitched it down with 8 lines across the diameter (making sure I started inside the casing, I don't want to sew over that) I also stitched a circle about half way between the edge and the centre
I pulled the drawstring and I got a little pouch with eight separate sections for rings or earrings
For jewellery (dire photo - its actually red! Sorry Katy I must re-read your instructions for taking decent photos!)
Or it could be a small sewing kit