An encrusted gemstone comprising a base diamond having a crown with a table surface, a pavilion, and a recessed seat in the table surface, an insert diamond having a pavilion matching said recessed seat and set therein, a bore extending axially between a culet of the base diamond and the recessed seat thereof, and a shaft received within said bore, said shaft having a proximal end projecting into the recessed seat and formed with an insert retaining portion, and a distal end projecting from the culet and provided with a securing arrangement.