Projects like this prove you don't have to go all ruffles and stuff to get your glam on. And I love a small clutch for holiday events, Christmas programs, and parties...big enough to carry what you need without the hassle of hauling a giant bag over the shoulder of your party dress. When it comes to finding the right kind of jewels, I've found bracelets with large pieces attached by elastic are the easiest and most convenient (no assembly required). They're easy to disassemble and using larger, stand-alone pieces that are ready to glue to your bag will save you the time of gluing several tiny pieces together.
Also, here's another clutch tutorial: how to make a chiffon floral clutch.