Bake 5 1-layer rounds and cool. Place on cake boards cut to fit and prepare for fondant covering. Divide fondant into 12 oz. portions and tint rose, yellow, blue, green and violet with a little rose added.
Cover cakes with fondant. Dowel rod cakes and stack. Position 1 dowel rod through all 5 tiers. Roll out remaining tinted fondant 3/16 in. thick, set up cutter with zigzag wheel and 1/3 in. spacer. Cut 18 in. long strips and attach to cake tiers at seams with damp brush. Bottom border strip is cut in half horizontally.