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Form eight 1 3/8 in. long teardrop shapes and 3/8 in. balls from fondant/Gum-Tex mixture; set aside. Roll out fondant 1/16 in. thick; cut into 1 3/4 in. wide x 2 in. long strips.
Use embroidery scissors to cut fringe almost to the top edge of strips.
Wrap strips around teardrop-shaped fondant pieces; trim off excess fondant and pinch strip together at top. Attach ball shape to top of tassel with thinned fondant adhesive; set aside.