After some browsing for inspiration, here is what I put together.
First, figure out how many necklaces you actually have and clean out the ones you no longer want. Take the unwanted jewelry to Goodwill. Buy a cheap frame while you are there. I got mine for $4.00.
Remove the glass and picture. Paint the frame a new color. Painting covers all the scratches. I choose a shabby chic blue, but any color would be great. A really bold bright yellow for a modern look or a gray or white for a classic look. Use your own fashion for inspiration.
I cut some cork board to the size of the cardboard picture backing. I glued them together using contact cement. While that was drying, I found some fabric to cover the cork with. Again, anything to match your decor would be great. Could be a cotton calico, an old dress, or a shirt that you love, but no longer wear etc. Satin and velvet would give a formal look. I think a vintage logo tee would make a great casual playful look. (I want to make some more; there are so many possibilities.)