This is the craft that I will be teaching at Super Saturday or Fabulous Friday. These are great as keepsakes. I even thought that if you didn't want to use these as necklaces you could just use a shorter ribbon and hang them on your tree as a Christmas Ornament.
Sorry that the pictures are a bit blurry, but you get the idea.
You don't even have to use a picture, you could just use a piece of pattern paper that you really like.