All you need is some felt, some fasteners and thread in a matching colour. Cut a strip of felt, long enough to wrap around your wrist and a smaller strip to form the bow strap. Pinch the felt in the middle, wrap around your strap and sew into place. Attach the fastener and snap around your wrist.
I do love the slick look of the leather ones (and will hunt a down some scrap leather eventually) but with felt at only 75c a sheet - you can have one in any colour you desire.