I've seen re-fashioned frames like this on the internet for a couple of years now, and have been keeping my eyes open for the perfect frame -- I found it at Trader Baker's last week. It was really grubby, but only $8, and with a little gentle cleaning and some spray paint, it is quite shabby chic. I went to the farm store for chicken wire, but this hardware cloth seemed like a better choice; it was only $3.95 for a roll, and I just used wire snips to cut a piece a bit larger than the frame opening, then used the staple gun to hold it down in the back. Unfortunately, while I was snugging down the staples with a hammer, I knocked a bit of the carving off, but I've decided to say that that just gives it some character.
I hung my jewelry with little s-hooks that you can pick up at any hardware/farm store.
This was a quick project, and a good solution to the tangled mess of necklaces and bracelets that I kept in a silverware tray!