These are the steps:
1. Buy however many drawer pulls that you think you'll needed for the amount of necklaces that you own (or think you might eventually own. :) ).
Anthropologie has great drawer pulls like these:
2. Find the appropriate wall space. Mine is in my bedroom, next to my dresser. It could also work in a closet or bathroom.
3. Screw the drawer pulls directly into the wall, spaced evenly apart. Not so far that it looks awkward, and not too close so that you can't pile-up the necklaces.
4. Hang your necklaces on their new hooks and, Voila! You're done!
Here is what mine looks like:
Here are some other brilliant ideas, if you don't want to screw the drawer pulls straight into the wall: