Some good suggestions, thanks all.
Picture is of an existing 'Pass-Thru' that is used on underwater camera housings, some used at depths over 100m and the housing and contents might be valued in tens of thousands of pounds so failure and leaks have to be avoided.
The rubber ring shown is one that split when stretching. As supplied it has a bore of about 6mm and an OD of 20mm. Because this particular camera is made in different lengths the sealed joint needs to be re-makeable to suit the cable on a particular setup.
The one shown is a standard commercial item so this size is not a problem, what I am trying to do is custom make some to suit very small (1.5mm) diameter cables that have 12-15m diameter connectors moulded on both ends of the cable.

I suppose that more important than the hardness of the rubber, is its stretch-ability, I have never used Sugru or similar products but it seems unlikely to me that its unlikely to have the properties of common or garden elastic bands, which is a bit what the ring shown feels like.
Ian P