Take any pump style hair spray (got mine at Dollar Store) - pour into a mini mister bottle ( I got mine at Walmart for 97 cents in the toiletries aisle - by the trial sizes) fill the rest of the bottle with water. Add a 1/8 teaspoon of perfect pearls or pearl ex (I used gold) and about 10 drops of re-inker in the color of your choice. (Stampin Up is what I used). Shake well. Spray onto item you want to color - let dry, usually overnight - may help it along w/ a blow dryer on low.
Variations - I have also heard that others have used alcohol inks instead of the re-inkers. Also others have substituted rubbing alcohol for the hair spray.
I figure any way you make it it has to be less expensive than the brand name which sells for around $7 for the same size!
Experiment and Enjoy.