I've tried balling up silver wire next to pearls & gemstones many times - sometimes it works, sometimes it doesn't. If you can swing gold to make the connections - do it, gold makes this task sooooo much easier. Using stones that tolerate heat helps a little too (sapphires come to mind). Gold and sapphires almost make this task foolproof (almost).
NEVER quench the piece - let it cool naturally. don't forget the flux - you might want to use some Firescoff rather than traditional borax flux - firescoff is removed with plain water.
for the record I've tried - Mica as a shield b/w the stones and metal, the cool jool goop - ugh - seemed to make matters worse, stone in water while heating, stone side in a third hand, hole a little larger than wire, hole very snug to wire, fine silver, sterling silver...
The are several threads on Orchid on this topic, search the archives: ganoksin.com