I planned on making this much earlier in the season (I bought the supplies in October). But, better late than never.
I cut two pieces of fabric in circles as large as I could get. Then I cut small (6" diameter) circles out of the middle. I sandwiched them right sides together with the fringe in between and sewed them together. Then I turned them right side out and folded over the raw edges of the small circles and top stitched. It was very simple and didn't take very long. I like the way it looks under our tree. Now we just need to cover it with presents. :)