You will need...
*Leather can be faux if your budget or indeed moral stance requires it.
**The silver leaf in question is made by Fimo and can be purchased here.
Eyelet hole puncher
This one's basically straightforward; you just have to be reasonably dexterous with a scalpel and not mind getting a little messy.
2-3 hours (3 if you include lacquer drying time).
Mesh things up a bit...Cut the following shape out in leather or faux leather:
Leave the collar to dry. Once it has dried, use your scalpel to cut away the excess silver leaf, leaving you with a fully covered silver collar.
Punch a hole at either end. Using your pliers, open a jump ring, put it through the hole and the clasp and close the ring. Repeat this process with the chain at the other end.