Cloth Wrap
Find a soft cloth with natural fibers that you can cut up into small pieces. An old T-shirt is sufficient if it is free of protruding, metal decorations that can scratch a stone. Cut a piece of the fabric that will wrap around the stone at least twice. Although a diamond is one of the toughest stones on the planet, it can break into a couple pieces if it is struck in a weak place so a double layer of material will help prevent the stone from shattering. You can also wrap the first layer of soft fabric with bubble wrap or other packaging material for additional protection. If a stone has a pointed edge like a marquise cut, consider placing additional padding around the end points, which are more likely to chip than any other area. You can use a cotton ball over each end before you wrap it with cloth.
Location
Store gemstones in a water-resistant container such as a plastic box or metal safe. Gemstones are comprised of a series of minerals, unlike crystals that are made of one, and therefore gems are more porous than a crystal. The molecules in a crystal are situated so closely together that water cannot enter. Place the storing container away from water. Avoid locations underneath a sink or in a bathroom.
Put the container with the gemstones in a place where nothing heavy will sit on top. Although a plastic container is ideal for keeping out water, some are flimsy and may crush under weight, leaving the gemstones susceptible to damage.
Select a place that has a consistent, cool temperature. Some gemstones are heat sensitive, so do not store them near a radiator, window, or small confined space such as a car or small outdoor shed that experiences intense sunlight. When gemstones are altered as a result of heat, they can not be changed back into their original state.