Here's what I do. You just need strips of fabric and almost anything will do. Here I've used a cotton floral print and a sheer pale blue organza. I prefer them to look vintage (ish) and so I like torn edges. The more faded florals suit this.
Long strips are the way to go. A vintage floral sheet would be perfect and make you miles of ribbon! But plain calico looks lovely.
I have rubber stamps in chandelier and crowns, birds and script. You'll be seeing those over the next few days. Etsy is where I get them mostly.
Ordinary stamps work perfectly on fabric as long as your background print isn't too dark. I just place a stamp every so often and just guess, no measuring or anything like that! Let this dry.
Next step is to use a liquid fabric glitter. There are heaps of colours in them. I get mine from Spotlight but they would be in craft stores generally. With this you just add some sparkly highlights over your image. Let this dry as it smudges!
Once dry I drape my ribbons over a coat hanger or chair waiting to be used. But you can wind them and package them in cellophane as amazingly pretty gifts.
This would be a great craft for girls as it isn't hard at all. Once you have a pretty stamp you like you can make so much ribbon very inexpensively!