I made it out wit orange silk thread and then sewed the beads (cristals, pearls and coral beads).
It is a 2 shuttles pattern, because it has split rings in.
Here is the rough pattern:
a) you don't turn work and work the rings 20 - 20 and 15 - 15 and join them with reverse join..
b) you turn the work, and work the rings (making sure that they are aligned UNDER the big ring) with normal join.
The second way was difficult for me and the rings did not close as I wanted them to close... You could make it better, I'm sure.
It will happen every second element...
As you see, for the trefoil you can choose to make or not the picots (8-8-8-8 or 8-16-8). After the split ring, do not reverse work. The chain should be like this:
Once you have the lace, you can play with the beads.