This design by Judy Pennington is a beaded cuff bracelet made using bead embroidery over a metal blank. The center cabochon is set with peyote stitch, and the edging is done using a technique similar to brick stitch. The cab and the little star beads are carved from a semi-precious gemstone called unakite.
If you'd like to try a project like this yourself, Judy recommends stitching the beaded edging first. This keeps the edges of the fabric from fraying and eliminates the risk of stitching too close to the edges with the rest of the design. To learn more about this style of bead embroidery, see the book Dimensional Bead Embroidery, by Jamie Cloud Eakin.