DIY bookmarks. Use velvet ribbons and old costume jewelry to create one-of-a-kind bookmarks. These bookmarks would make great gifts...all by themselves or with a great book (especially one of the classics or a romance novel).
Making bookmarks is an absolutely perfect way to use my grandmas old earrings whose partners have gone missing. Especially considering she was an English teacher for over 40 years, its just too good not to do. :)