Kumihumo or Japanese braiding. I made a necklace chain (left) and several key chains. The key chains were in a craft fair last December.
The bag (below) I spun the yarn from wool, crocheted the bag and did kumihumo for the strap. I was not particularly happy with the strap, it stretches too much. I added some thin sparkly colored thread for part of the bag to add interest. The bead used as a closure is dichroic glass.