The light in this Iron Man chest piece is a Electroluminescent (EL) Panel/sheet. You need to make sure the EL sheet is cuttable (THE 3RD PHOTO IS WHAT YOUR SHOULD LOOK FOR). An A5 EL sheet will roughly cost you $26-$36 AUS off ebay (the inverter should come with the EL sheet).
Its all put to getter by using Araldite 2 part mix.
The bottom elastic band loop will do the job (make sure it is tight). The elastic band / velcro strip is held together with Araldite. The top loop are there just if someone needs it.
Any questions please comment