24 hours in advance, make grad caps. Tint 5 oz. chocolate fondant black; knead 1/4 tsp. Gum-Tex into fondant. Tint 1 1/2 oz. white fondant yellow, knead 1/8 tsp. Gum-Tex into fondant.
For top of cap, use fondant roller with purple guide rings to roll out black fondant 1/8 in. thick. Use fondant trimmer to cut into squares, 1 1/2 in. Roll 13 tiny black fondant balls, flatten slightly and use damp brush to attach to top of fondant squares.
For base of cap, divide remaining black fondant into 13 round portions and shape into squares, 1/2 in. Let tops and bases of caps dry on cornstarch-dusted cake board overnight.
Use piping gel to attach cap tops to bases. Roll yellow fondant into thin logs 1/8 in. thick x 1 1/8 in. long. Use damp brush to attach to caps. For tassel ends, use fondant roller with purple guide rings and roll out fondant 1/8 in. thick. Cut one piece for each treat, 3/4 in. long x 1/2 in. wide. Use sharp knife to fringe short ends, roll and attach to end of tassel with damp brush.