I'm going to shoot some diamonds for a local commercial.. Very hard to properly light diamonds.. is the idea to build a box out of foamcore and bounce the light?
For diamonds and other gems you need a small, bright point source.
For gold bands and other polished metallic surfaces you need a broad, soft source.
If your jewelry has both, then use both types of light sources. Bounce light off foamcore, or use a softbox to light the metal, then add a point source by punching a hole through the foamcore and sending a small light source through it. Or just suspend a small but bright light source in front of the softbox.
A small, bright LED might work for the point source.
I second the point sources for diamonds. There's a reason jewelry stores (well, nice ones at least) have all those little halogen low-voltage suckers hanging everywhere.