with rings and cross too. The fabric could be organza, satin or artifical silk. Which fabric will look nice rich and attractive? Kindly please suggest the best to do.

You are a good friend. I think it is a lovely gift for her.

Elizabeth, what a great idea. I would get a thin satin instead of the heavy bridal satin, if you use a medium stabilizer it will give it the weight it needs plus keep it looking nice. Of course Bridal satin is much more expensive looking and for the small amount you are needing for the book you could do it in a dupioni silk which would be very elegant. Be sure to let us see the finished project. ;)

There's a nice tutorial on how to do it in the digital Designs in Stitches #54, pages 78 and 79 see link. They use a lightweight quilt batting to give that luxurious feel and have a nice and easy way of finishing it.
Satin and (artificial) silk are good choices for the fabric.