I scored a couple of leftover, unfinished wood trays after a work event that were the perfect blank canvas for customization. Here's what I did with the first, making it into a velvet-lined jewelry display tray so that my jewels have a equally elegant (but also crafty!) home.
Tools and materials:
A tray or picture frame (unfinished trays can be found at the craft store)
Spray paint, if painting
Black velvet fabric
Hot glue gun
Cut the foam core to fit inside the tray, with a 1/2 cm of wiggle room on each side to accomodate the fabric.
Cut the velvet down to the size of the foam core, with an extra inch of overlap on each side.
Tightly wrap the fabric around the foam core and glue in place.
Paint the tray, if desired, and let dry.