It would be super simple to just knit a very large rectangle and sew it up the sides. Leave one part for a flap.
For example: knit a rectangle 7 1/2 X 10 1/2 inches. The half inch is for a seam allowance. Divide the long side so that you have a square 7 x 7 inches with a flap 3 1/3 inches to fold over. You could use a snap, or button to close the bag.
If you make it to size I suggest lining it. Nothing will fall through the knitting and the lining will help take the strain off the stitches. You could either knit a strap or buy some satin ording to finish it off.
You might even consider sewing some pre-made beaded fringe for the bottom.
I might consider using a chenille for the wow factor. Or how about using 2 novelties like eyelash and boucle held together. Make the larger yarn black and the smaller pink. Or vice versa.