I just had an idea. I haven't tested it to see if it would work but I don't see why it wouldn't. Take a regular umbrella, spray it (I mean saturate it) with no fray spray. Alternatively you could brush it with Modpodge. Then let dry. Use Martha Stewart's circle punch and a really nice lacey edged die like this one. In fact use several if you have them so you can make the edges thick like the umbrella to the left. Then cut the edges of the umbrella in half circles around the edges of the umbrella. Instant decorative umbrella!
I've used Martha Stewart's circle punch before for custom party horns. See the how to here. And if someone knows the source to this image please let me know. Thanks!