Step 1: *Ring of 7ds, p, 7ds, close ring and reverse work.
Step 2: Ch of 7ds, p, 7ds. reverse work.
Step 3: Ring of 7ds, join to the picot of the previous ring, 7ds close ring.
Repeat from * until you've made the required length of lace to go around the pouch.
Finish with - Ring of 7ds join to the picot of prev. ring, 7ds, close ring.
Row 2: Start with the ring shown in the last pic.
Step 1: Ring of 7ds, join to the picot of the 1st ring of row 1, 7ds, close ring and reverse work.
The basic design is the same as row 1. But here, you join the rings picots to the corresponding ring picots of row 1. Finish neatly.
A really neat trick I learnt is to neatly glue loose ends on the wrong side of work with clear nail varnish.