I scoured the blogs and saw something similar to what I made, but for the life of me I cannot remember the blog or the tutorial, so I cannot link back. Sorry!
I went to my local Goodwill and bought an old picture with a totally FAB frame $8 (it was antique gold, forgot to take before pics). Then I went to Lowe's Home Improvement and bought some vinyl screen material $5, picture hanging hooks $2 and curtain hooks $2.
I stripped it apart, and spray painted it black. (Spray paint was leftover from another project) After it cured, I hot glued the screen material to the back, and nailed a few small nails in the corners to reinforce.
I used the curtain hooks as pegs to hold my necklaces and that tie hanger I bought at WalMart for $4 that holds my rings.
I then hung it in my closet above my "vanity" that I also got at the goodwill, so after I am done with my hair and makeup, I can move on to accessories. I love how it turned out and how easy it was to make. Now there is no excuse to not wear my jewelry.
I do have to come up with an idea for all my bangles. I have a few things in mind but need to jot them down to see if they will work. Will update at a later time!