Prepare your materials and trace the cabochon on Lacy's Stiff Stuff.
Begin the bezel with a peyote stitch using Miyuki Delica 11/0 beads, sewing three beads at a time along the traced line.
Glue the cabochon to the Lacy's Stiff Stuff.
Add a second layer of seed beads with the peyote stitch, alternating colors for visual interest.
Trim the excess Lacy's Stiff Stuff closely around the bezel setting.
Apply Ultrasuede to the back of the piece, cutting slightly larger than the cabochon outline.
Embellish the edges with Swarovski crystals (optional) and add a bail for hanging.