Smoky can refer to "a bluish or brownish gray." I can imagine a few ways in which this combines with the red color mentioned in the description.
The meaning of "framed' is not apparent to me: perhaps it means that the design is meant to suggest a skin that is stretched on a wood frame. Perhaps the skin design is somehow stretched or made to look square or straight.
It's a strange description, if that wasn't clear (or at least strange to this person who doesn't typically buy handbags). Apparently, "framed," or "frame" handbags are a thing. I guess the frame is the metal around the opening of the bag. So, I'd understand this description to mean the bag is made of leather and lizard skin, either or both in a red color, and has a metal "frame" that is a smokey color.