I originally saw this idea here along with the instructions. Here's another version using an ornament shape instead of a circle.
For this ornament I used the Tim Holtz Vintage Noel die to cut the "25" from some chipboard. I covered the numbers with red ink and glittered them with Martha Stewart Crafts glitter. I glued them to a circle I cut from the glittered POW paper from American Crafts and then glued that to a rosette I created. You can create rosettes any number of ways, but I used the technique in this video. I used the nesting scallop circles from Spellbinders so I have a "tighter" rosette since the scallops are smaller than the punch shown in the video.
This ornament is super easy to make. I cut 8 ornaments shapes from some patterned cardstock. You can use any shape as long as they are identical on each side. Fold each shape in half. Glue 1/2 of one shape to 1/2 of the next shape, repeating until you have all sides glued together. I punched a hole in the top and used some gold twine to hang.