Sorry for the delay. Busy week. I use a crock pot to melt down a block of beeswax. I get the wax from my local beekeeper buddy. Dip the bare sheath (no stone or paracord) into the pot. Use some tongs to move the sheath around and let the wax soak in. Lift the sheath out and pour off any liquid wax. Once it is cooled off and hardened I clean the snaps with a toothpick along with buffing off any excess wax.
I do basically the same , but my wax is 50% beeswax and 50% paraffin , but I let them soak for a couple minutes , then clean them with a soft cloth , getting all the wax from the stitches and snaps , and making sure there is no wax left on the inside.