The wood is called "Shesham" and it is a kind of Teak~
it's very durable and and can be cleaned and restored
with good results. Some I've left with a raw finish look.
The hinges can be replaced with nice new little brass
fittings available at a good hardware store for cheap.
The main thing is to give them a 'brush and clean' with
whatever you choose. Soapy water removes the shine
so I'd say go easy there. Experience has made me bold
when it comes to fixing these up ~ and they look good.
Basswood (1/8 inch thick) is available at hobby shops,
and with a coping saw and sandpaper can be fitted to
exactly the right snug size ~ it's easy and it's fun too.
Felt is the most fun
all the colours
to choose from!
And as a final touch, I like to add something special to
the outside of the box, a decorative Emblem or Charm.