A friend of mine is in the same situation. He has a little light tent/light box off ebay, and sets up his jewellery in there. The light tent is basically a white material box that spreads the light round all angles on the piece, and also removes unwanted dark reflections.
The light tent is normally lit from outside on at least 2 sides, and the camera is poked through a hole in the front just big enough to let the lens through.
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