This Spring/Summer 2011 tassels aren't just to be seen on graduation caps, its gonna be seen everywhere because its a big season trend. You can wear them as earrings, on belts,bags, shoes and necklaces with a range of diffrent colours.
At Gucci they put tassels on bags and belts:
At Louis Vitton tassels were put on shoes and used as earrings:
At Sonia Rykiel tassels were put on bags and used as neckalces: