This Peyote Stitch fairy bag is from Beadtime Stories by Elizabeth Ann Scarborough. The bag itself is about 3.5 inches by 4 inches, and with the fringe, it is about 9 inches long.
The strap is a spiral rope chain, using all the blues from the bag and also some beautiful color-lined triangle beads which add to the chunky look. The lovely strap is 22 inches long, and is attached with flowered S-hooks so it can be removed and worn as a necklace. Click on the close-up of the hook below to see the chain itself.

This bag is a bargain at only $150.