Prepare your workspace with all the listed materials. Cut a piece of Lacy's Stiff Stuff to size and trace your cabochon on it.
Thread your needle with Wildfire beading thread and begin sewing the seed beads along the traced line, using a Peyote stitch technique.
After completing the bead perimeter, glue the cabochon onto the stiff stuff.
Start the second layer with a contrasting color of seed beads, continuing with the Peyote stitch.
As you add more rows, transition to smaller beads (15/0) to tighten the bezel around the cabochon.
Cut the excess stiff stuff closely around the beadwork.
Apply Ultrasuede to the back for a clean finish. Embellish the edges with Swarovski crystals for decoration.
Optionally, add a bail using a strip of Peyote-stitched beads or wire for pendants.