An incredibly beautiful product! I found two descriptions, and I’m posting them both, because something useful can be gleaned from both. 

Description 1

Finished Product Measurements

Bust: 86.5 (96.5; 106.6; 115.5) cm

Length: 48 (49.5; 52; 54.5) cm

Upper arm volume: 25.5 (28; 30.5; 33) cm

Размеры даны в дюймах, 1” — 2,54 см

Materials

• 14 (16; 18; 20) skeins of 50g (each skein 100yd/90 m). Yarn Classic Elite Yarns Vista (alpaca/wool) #6016 color “alabaster”
• knitting needles 4.5mm or similar to achieve the desired knitting density
• circular knitting needles 4.5mm, length 40cm

Density

20п и 24 ряда на 10см — неприсбореное полотно

34п и 24 ряда на 10см — присбореное полотно

The product is knitted with the “Diamond pattern”.

Translation of symbols on the diagram:

Then the front and back are gathered over the peplum, i.e. Folds are formed, as in the photo. The pattern diagram shows the dimensions of the sweater after gathering.

Back

Cast on 147 (163; 179; 195) loops.

1 row (right side): 1 edge stitch, knit according to the “Diamond pattern” pattern, repeating 16 sts of repeat 9 (10, 11, 12) times, k1 (edge)

2nd row (wrong side): 1 edge, then back. to the end of the row.

Continue knitting according to the pattern until you have knitted 38 cm, ending with a purl row.

Sleeve opening

1 row (front side): cast off 4 stitches, knit according to the pattern until the end of the row

2nd row: cast off 4 stitches, knit purl.

, until 2 stitches remain, purl 2 together.

3rd row: cast off 2 sts, knit according to pattern until 2 sts remain, k2 together.

4th row: cast off 2 stitches, knit purl until 2 stitches remain, purl 2 together.

5th row: cast off 1 stitch, knit according to pattern until 2 stitches remain, k2 together.

6th row: cast off 1 stitch, knit purl until 2 stitches remain, purl 2 together.

7th row: вязать по схеме, пока останется 2п., 2 вместе лиц. — 127 (143, 159, 175)п.

Knit one row evenly (no decreases).

A series of decreases: 1 edge loop, k2tog, knit according to the pattern until 3 sts remain, (slip 2 sts, knit the removed loops together), k1.

Повторять ряд убавлений каждый второй ряд 7 (3, 1, 0) раз. — 111п.

Only for size S

Knit one purl row evenly (no decreases).

Only for sizes M, L, XL

Decrease row 2 (purl row): 1 edge stitch, purl 2 together behind the back wall, purl until 3 stitches remain, purl 2 together, purl 1. Next row (лицевая сторона): повторить ряд убавлений1. Повторять эти 2 ряда (5, 10, 13) раз. — 111, 111, 117 п.

Knit one purl row evenly (no decreases).

For all sizes

Transfer the work temporarily to circular knitting needles and put off knitting.

Before

Knit similarly to the back.

Sleeves

Cast on 35 loops. Knit 1x1 rib until you get 2.5 cm.

Let's start knitting according to the pattern

1 row (front side): 1 edge loop, knit according to the “Diamond pattern” row 1, repeating 16 sts of repeat 2 times, k1 (edge).

2nd row (wrong side): 1 edge, then back. to the end of the row.

Continue knitting according to the pattern for another 6 rows.

A number of additions (front side): 1 edge, add 1 knit, knit according to the pattern until 1 stitch remains, add 1 knit, 1 knit.

Повторять ряд прибавлений каждый 8 ряд 7 (9, 8, 2) раз, затем каждый 6 ряд 0 (0, 4, 12) раз. — 51 (55, 61, 65) п.

Knit until you get 45.5cm from the beginning, finish with a purl row.

Sleeve rollout

Вязать ряды 1-7 из проймы рукава. — 31 (35, 41, 45)п.

A series of decreases (front row): edge st, k2tog, knit according to pattern until 3 sts remain, (slip 2 sts, knit removed stitches together), k1.

Повторять ряд убавлений каждый второй ряд 7 (9, 12, 14) раз. — 15п.

Knit one purl row evenly (no decreases).

Transfer the remaining stitches to an auxiliary needle and set aside knitting.

Product assembly

Fix the parts for measurements.

Assembling the peplum

Gathering stitches are made in the widest part of the pattern (rows 11 and 1). Row 11 is placed on the second repetition of the pattern - this is 15 cm from the lower edge of the back and front. Pull the contrasting thread through this row.

First row of assembly

Cut the thread from the yarn about 30.5cm long. Pull the thread through the tapestry needle. From the front side of the product, pull a needle and thread through the stitch to the left of the “hole” (yarn over) in the first diamond of the pattern. Then, from the front side, pull the needle and thread through the stitch to the right of the “hole” (yarn over) in the first diamond of the pattern. Pull both ends of the thread to the center of the diamond and thread them through the needle. With a double thread, *pull the needle to the wrong side through the knit stitch in the center of the diamond below the gather thread*, pull the needle to the right side through the knit loop in the center of the diamond above the gather thread, repeat from * to * again. Fasten securely. Remove the contrast thread.

For each subsequent row of gathering, first pull the contrasting thread through that row (baste) and perform the gathering as described above. Gather along the entire back and front above the peplum.

Sew the sleeves into the armholes. Sew side seams and sleeve seams.

Neck treatment

On circular knitting needles (with the back, front and sleeves on them), knit 1 row.

1 ряд: *[2лиц вместе, 2изн вместе] 28(28, 28, 30) раз, [1лиц, 1изн] 7 (7, 7, 6) раз, повторить от * еще раз. — 140 (140, 140, 144)п.

Connect in a circle. Place a marker to mark the beginning of the circle. Knit with an elastic band 1x1 2.5 cm. Close the loops loosely with an elastic band.

Description 2

Puffs are made on the bodice after the entire product is knitted. The waistline is emphasized by a conically flared peplum. Fitted sleeves complement the sophisticated silhouette. The jacket is knitted from classic luxury yarn “Vista” and can be made in four sizes: small, medium, large and extra large.

Final dimensions of the jacket: 
 
chest circumference after creating puffs 86.5 (96.5, 106.6, 115.5) cm; 
 
length 48 (49.5, 52, 54.5) cm; 
 
arm circumference 25.5 (28, 30.5, 33) cm. 

 
Necessary materials: 
 
14 (16, 18, 20) skeins (91m/50g) of classic luxury Vista wool (alpaca/wool) in alabaster color; knitting needles size 4.5 mm, circular needles size 4.5 mm, knitting marker, tapestry needle, basting thread, stitch holder or just a pin. 

 
Knitting density: 
 
without puffs: 20 loops and 24 rows = 10x10 cm; 
 
with puffs: 34 loops and 24 rows = 10x10 cm. 
 
Before starting knitting, it is recommended to knit a sample to determine the density. 

!!! The blouse is knitted with a diamond pattern. 
Then puffs are made on the bodice above the peplum, which give the effect of wrinkled fabric, as can be seen in the photo. The parts correspond to the given measurements after the puffs are made.!!!

Back:

Cast on 147 (163, 179, 195) stitches. 

1st row (front side): slip 1 loop (edge loop), repeat 16 rapport loops 9 (10, 11, 12) times, k1. loop for symmetry, k1. edge 

2nd row (wrong side): slip 1 stitch, thread before knitting (edge loop), purl stitches to end of row. 

Continue knitting until the height reaches 38 cm. The last row should be purl. 

Armhole formation:

1st row (front side): bind off 4 loops, knit to the end of the row; 

2nd row: cast off 4 stitches, purl stitches, purl last 2 stitches together; 

3rd row: cast off 2 loops, knit according to the pattern, at the end of the row knit 2 loops together; 

4th row: bind off 2 loops, purl the last 2 loops together; 

5th row: cast off 1 loop, knit according to the pattern, knit the last 2 loops together; 

6th row: bind off 1 loop, purl the last 2 loops together; 

7th row: knit according to the pattern, at the end of the row knit 2 stitches together. 

There should be 127 (143, 159, 175) stitches left on the needle. Knit another row. 

Decrease row 1 (front row): slip the edge loop, knit 2 stitches together, knit a row to the last 3 stitches, knit 2 stitches together with a slant to the left. Repeat decreases in every 2nd row 7 (3, 1, 0) times. There should be 111 loops left.

Only for size "small": knit another purl row. 

Only for sizes "medium", "large", "extra large":

Decrease row 2 (purl row): slip edge loop, purl 2 stitches together, continue purling stitches until last 3 stitches, purl 2 stitches together, edge loop. 

Next purl row: repeat decrease row 1. 

Repeat last 2 rows (5, 10, 13) times. There should be (111, 111, 117) stitches left on the needles. 

Knit another purl row. 

For all sizes: Slip stitches onto circular needles.

Knit the front half in the same way as the back. 

Sleeves:

Cast on 35 stitches on the needles. Knit with 1x1 rib, 2.5 cm high. 

Start knitting the pattern: 

1st row (front): 1 edge loop, knit rapport loops 2 times, 1 edge loop; 

2nd row: remove 1 edge (thread before knitting), knit with purl loops to the end of the row. 

Continue knitting in this manner for another 6 rows. 

A series of additions (front): 1 edge loop, add 1 loop from the broach, knit to the last loop, add 1 loop from the broach, 1 edge. 

Repeat decrease every 8th row 7 (9, 8, 2) times. Then every 6th row (0, 0, 4, 12) times. There should be 51 (55, 61, 65) stitches left on the needles. We knit further until the size reaches 45.5 cm. We finish with a purl row. 

Forming the sleeve cap:

We knit rows 1-7 to form the armhole, as we did when knitting the back. There should be 31 (35, 41, 45) stitches left on the needles. 

Decrease row (knit): slip 1 edge loop, knit 2 stitches together, knit a row to the last 3 loops, knit 2 loops together with a slant to the left, 1 edge stitch. 

Repeat decreases in every 2nd row 7 (9, 12, 14) times. There should be 15 stitches left on the knitting needles. 

Knit 1 more purl row. Slip the remaining 15 stitches onto a pin. 

Puffs are made on the wide part of the diamond pattern at the level of the 1st and 11th rows.

We find the 11th row of the 2nd pattern repeat on the back and front, 15 cm from the bottom edge. We pass a contrasting basting thread through this row. 

First row of puffs: thread the wool thread into a tapestry needle. We pull the thread through the loop following the yarn over on the left side of the diamond. Then we pull the thread along the face of the work through the loop, in front of the yarn over on the right side of the diamond. We pull both ends of the threads to the center of the diamond and thread both ends into the needle. *We bring the needle with a double thread to the wrong side through the loop in the center of the diamond and guide it under the fold of the puff. We bring the needle to the front side of the work through the central loop of the diamond and move it over the fold of the puff.* Then we repeat from * through all the diamonds in the row. At the end we fasten the thread and remove the basting thread. 

For each subsequent row of puffs we stretch the basting thread. We lay rows of puffs along the back and front to the top. 

Sew the sleeves into the back and front armholes. We have 111 (111, 111, 117) stitches on the back and front and 15 stitches on the sleeves. Sew the side seams and sleeves.

Neck treatment:

We tie the neckline with circular knitting needles, starting from the middle of the back. 

Round 1: *[knit 2 stitches together, purl 2 stitches together] – 28 (28, 28, 30) times, [1 knit stitch, 1 purl loop] – 7 (7, 7, 6) times; repeat from * again. There will be 140 (140, 140, 144) stitches left on the needles. Next, knit with a 1x1 elastic band, 2.5 cm high. Cast off all loops.