As soon as I saw this sketch I immediately saw only one thing...
Santa's belt, of course! I sure wish I had my Square Framelits that I ordered last week to make the buckle, but I was able to cut out the center easily enough. It needed a little extra something so I added the extra layer and embossed it to give it some texture. This was one of those times when I regretted not purchasing the punch that coordinates with Tags 4 You. Oh well, a little cutting never hurt anybody I guess. :)
Stamp Set: Tags 4 You
Cardstock: Basic Black, Real Red, Whisper White
Ink: Real Red
Tools: Petals-a-Plenty Embossing Folder
Accessories: Gold Foil Sheets, Dimensionals