If anyone has kids and needs to make gifts for teachers, grandparents, etc. this works really well. Teachers love it as they all have many books and they like a personal touch....
Just get a roll of clear contact paper. Then just cut up paper (I used various colors of construction paper when the kids make them) and let them decorate using markers, crayons, colored pencils, stickers, cut-outs from magazines, etc. I have also used extra school photos when you get those little ones and have extras. You can write on them or just put their name and the year or whatever you and they choose to do. If I am making my own I design them on the computer. I use MS Publisher usually and I get graphics/photos from various sites and either add a humorous line to it or find a nice quote to go along with the picture.
Cut the bookmark out and then two pieces of contact paper larger than the bookmark. Peel one and lay it down flat, then lay the bookmark on top of it carefully kind of rolling it as you lay it down to remove bubbles and wrinkles. Then peel the other piece of contact paper and lay it over the top VERY carefully slowly removing bubbles and wrinkles. Then rub carefully all over it and on the sides. Cut around it leaving about a 1/4 inch border around the bookmark. You can leave it like this or cut a whole in the top with a paper punch and make a yarn tassle to add to it. Both ways work nicely. The yarn livens it up a bit - just match it to one of the colors in the picture you used or to match the paper if you used construction paper.
Clear contact paper is great for many things like this. I have used it to cheaply cover some award certificates my kids have been given at school so they last a little longer. Or a poster they want to keep for awhile, phone lists, etc. Anything you want to last awhile and not be ruined by water. This is particularly nice if you use a printer that has ink that runs if it gets wet.
Enjoy!