Looks to me like something my mom did years ago and gave to me. She took pieces of fabric from her old dresses and made a diamond pattern. I put them away for safe keeping till I decide what to do with them as I only have 3. My husband thought about making a frame to put them in behind glass. (like a shadow box to make it look 3D)
When I find them..will post pictures of them.
My idea would be to sew them onto muslin using a zig-zag or feather stitch and place them in a frame. Would make beautiful pictures and would keep for years.