Drill Bit
To drill holes in rocks, such as gemstones, use a diamond-coated drill bit. Diamond-coated drill bits allow you to cut through hard rock much easier than if you used traditional carbide drill bits. When cutting through ordinary stone, use a masonry drill bit. Masonry drill bits are cheaper than diamond-coated drill bits and will suffice when cutting through softer stone.
Drill Press and Drill Press Vice
Stones are often irregularly shaped. It is very important that you drill perpendicular to the surface of the stone. If the drill bit deflects, it can cause the bit to break. A deflected or broken bit is not too costly when dealing with regular stone and a masonry bit. However, it can become very costly if you break a diamond-coated drill bit or damage a gemstone. A drill press ensures you drill the hole perpendicular, and a drill press vice ensures you keep the stone immobilized while you drill.
Lubrication
When drilling through hard objects such as stone, keep the drill lubricated. Often, water is sufficient to keep temperatures to a minimum, but you can opt for specialized drilling oils that not only keep the drill cool but enhance the smoothness of the drill bits cut through the stone. This minimizes the amount of sanding you must do inside the hole to remove the rough texture left behind by the drilling process.
Peck Drill
Peck drill the rock with the drill bit. To peck drill, drill down into the rock a small distance, then pull the drill bit out. Wet the drill bit with lubricant such as water or cutting oil, then drill a little deeper into the rock. Pull the drill bit out and wet it again. Repeat this until you drill through the entire rock. Peck drilling helps to keep the drill bit cool, and it helps to keep the hole free of debris. As you pull the bit out, it pulls out the debris and cleans out the hole.