i've seen a lot of these online, so i can't give credit to just one site.
i took a frame that i bought at the thrift store and touched up the paint on it a little. it just needed a fresh black, even though it came black, to make it look nicer. then i bought some screen from lowe's, cut it larger than the opening of the frame, and stapled it-- using my regular desk stapler, because it's a pretty thin frame.
then use a utility knife to cut the scrap screen outside of the staples.
i wanted something a little different to hang it with, so i got some small black chain from lowe's, and wove some turquoise ribbon through it.
then i used some furniture tacks that i had lying around to attach the ribbon/chain to the frame.
i decided where i wanted my jewelry, and added the small S-hooks (from lowe's) right through the screen.
then i hung my jewelry on it, and...
and it's cheap!
frame: thrift store, $3
screen: lowe's, $5 (used a fraction of it though, so lots leftover!)
chain: lowe's, $1.06 for two feet
ribbon: already had at home
tacks: already had at home
s-hooks: lowe's, $0.80 for 10 hooks