It sure is pretty. Looks like yo-yos to me. In the enlarged images you can see a tiny hole in the middle. Also in enlarged images there is a backing and the yo-yo top in tied or tacked to the back. I can't figure out how the yo-yos were made with that tiny of hole, maybe one of those new yo-yo making gadgets was used.
I have made yo-yos and the little ones the centers can be pulled really tight and the hole is very small, but larger the yo-yo the bigger the hole...anyway for me that has been the case