Abstract: Articles of jewelry with gems set in precious metal are cast by a modified lost wax method whereby each gem is retained in position in the investment mold after removal of the wax enabling the setting of the gem to be simultaneous with the casting of the precious metal. The wax model of the article of jewelry is molded with undercut grooves in the sidewall of the gem seat located to engage portions of the girdle of the gem for retention thereof in set position in the finished article. The wax for the model is formulated to provide resiliency to permit the gem to be snapped into position in the wax model prior to embedding the model with the gem set therein in investment material in the conventional flask. Curing time is reduced to approximately one half the conventional fourteen hours by precise control of predetermined time and temperature which also prevents marring of the gems during the curing of the investment and the casting of the precious metal.