Find the metal knob, and twist it until the outer loop expands. Pop the inner loop out. If you wish to paint your embroidery hoop, twist the knob until it comes out. Place the knob and bolt part some place safe. You can use acrylic paint or spray paint. If your hoop is made from plastic, it might be better to leave it the original color; paint scratches off plastic easily. If your hoop is made from wood, you can paint it any color you'd like. You can also leave it blank, if you'd like something more rustic. You will trim off the excess fabric after you put the hoop back together. Try to center the lace as much as possible. There should be equal amounts of fabric hanging off the edges of your hoop. If you took the knob and bolt off, you will need to put them back in. Place the screw part of the knob through both holes on the metal clasp. Once you have it through, place the bolt at the end of the screw. Start tightening the knob and bolt until the outer hoop closes and you can't tighten it anymore. Try to cut as close to the hoop as possible. Choose some ribbon that matches your earring holder, and cut it. Thread it through the metal closure, right under the screw, and tie the ends in a knot. To hide the knot, rotate the ribbon until the knot is at the bottom. It will rest inside the closure, between the screw and the hoop. You can now stick earrings through the tulle or lace. This works best with hook earrings.

Summary:
Take an embroidery hoop apart. Paint the hoops, if desired, and wait for the paint to dry. Cut a piece of lace or tulle a few inches larger than your hoop. Place the lace on top of the inner hoop. Place the upper hoop on top, and tighten it. Trim off the excess lace using a pair of fabric scissors. Thread some ribbon through the metal closure, and tie it in a knot. Hang and use your earring holder.