I know next to nothing about this LOL!
if you still want my opinion I’d say it’s very thin fondant colored gold then brushed with powdered gold for that matt finish or maybe airbrushed but one would have to be very skilled to get the color so Even/perfect. A lot of people are using wafer paper sails but my gut tells me not in this case.
maybe this
https://evilcakegenius.com/search/?q=fabric
Ok, I am going to give it a shot. I think it is either fondant with Tylose added, rolled very thinly or gum paste done the say way. My gut says fondant. I've made and used edible fabric a bunch of times and it is soft and floppy. It would not stand up like this. If I were making this cake, I would use rice paper, which is spring roll wrappers (not the same thing as egg roll wrappers). They can be purchased from an Asian market. You dampen the rice paper until it becomes flexible enough to shape, position it the way you like and let it dry overnight. It is as strong as concrete and gorgeous. Much prettier, in my opinion, than the one pictured. Google rice paper sails to see how it is done. Super easy.
On second thought, the picture might be wafer paper, because it appears to be cracking in a few places, which would happen if the paper is onlh slightly dampened. Again, I recommend the rice paper.
I've never used any of this stuff -- so I went looking on you tube and I watched two videos videos that gave the same method till I got to this third one -- she was experimenting and only applied the gelatin/glycerine stuff to one side of the wafer paper and it was stiffer she said -- so there's that to toss into the idea pot 
The funny thing about edible fabric, I hate to touch it! It is cold and clammy and has a nasty jelly feeling, yuck!
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