Polymer Clay Stones
Jewelry made from river stones have gotten pretty popular. This tutorial will show you how to make your own faux river stones, you could vary the colors and come up with some pretty interesting jewelry. And making the holes will be a lot easier then drilling holes through real stone.

This would be a great project for the polymer clay beginner (like me). The tutorial calls for stone colored polymer clay. I didn't even know it came in stone colors. Pretty cool, Huh! I was thinking of adding a mixture of spices to the clay to make it resemble a stone.