Tools you will need:
Earring Hooks, go with stainless silver or gold. You can find a packet of these at craft / fabric stores, they generally come in a package of 25+ for a couple of bucks.
Loops or Jump Rings, match the earring hook. You will find these in a package too & they are super cheap
Tassels, find these in the fabric upholstery sections of fabric stores. They have just about every color of the rainbow at Joann's, also try Micheal's.Usually find these near the trim and fringes. Tassels run hing and low on price points, so pick your budget when you head into the store. Try looking in the holiday decoration sections - this time of year you may be able to find some tassels for cheap.
Once you add that jump ring you could add the tassel to anything. Add it to an old necklace to spruce it up, or your purse, hair clip or even a pair of shoes.
Consider changing the tone of the metal to gold and pick a complimentary colored tassel. I think Gold & Turquoise would look smashing together!