These bookmarks make inexpensive and highly personal gifts. Just write your message in permanent marker on the silver side of the panel (e.g., "With Love, Emma").
Tassels can be obtained cheaply on Amazon.com.
Please make sure that you deburr the edges first, so as not to damage the pages. The tassel hole can be made with a pushpin and then the punch to make a hole. For an extra-sturdy bookmark with smooth side edges, just fold a wider strip into thirds (as shown in the two left bookmarks in the photo above).