Remove the lid from the box. Place the lid top side down on the back of a sheet of patterned paper; trace around the lid with a pencil. Reposition the lid on its side elsewhere on the patterned paper; trace around the side with a pencil. Repeat for each side of the lid and for the box, using one or more sheets of patterned paper. Cut out the traced shapes.
Center the grommet on top of the box lid; trace around the grommet and set it aside. Use a crafts knife to carefully cut on the traced line, creating a circle opening.
Attach the paper pieces to the corresponding surfaces of the box with decoupage medium and a foam brush; let dry. Cut away the paper covering the circle opening in the box lid. Brush on two more coats of decoupage medium and let dry between coats.
Place the lid on the box. Beginning and ending at the lid hole, wrap ribbon around the box and hot-glue in place. Trim the ribbon ends, tuck them into the hole, and glue them in place. Repeat for the other side.
For the bows:
For a folded bow, fold the ribbon back and forth, making each subsequent layer slightly shorter than the previous one. Cut through the ribbon layers at the center of the lid opening. Tuck the cut edges inside and hot-glue in place.
For a gathered bow, use wire-edge ribbon. Pull the wire on one side to gather the ribbon. Beginning about 3/4 inch from the lid opening, spiral and hot-glue the gathered edge of the ribbon to the lid with the final spiral close to the edge of the opening.
Insert the grommet into the hole in the center of the lid.
Insert the bottom of the taper into the bobeche, then into the grommet.