I made this as a gift for christmas! Itll be for my friend whose a friend but not a best friend... Anyway, its good for holding chapstick during the day! Haha. It would also work well as a gift for someone special if there was a gift card in it which I may do for some better friends.
Any way to make it:
Step 1: cut out pouch shaped leather pieces
Step 2: Cut holes in each side at the top corner
Step 3: Thread leather string through it
Step 4: continue until you get to the other top corner
Step 5: tie the ends at the length you want.
There better directions here http://blackcatcraft.blogspot.com/2012/11/leather-pouch-necklace.