I have had no luck with heat shields I've burnt, singed, cracked, toasted more peridot, turquoise and rubies than I can count. The next time I heat near a stone, I'll be using high karat gold, a teeny, tiny hot flame and some wet material to shield the stone.
I really wouldn't risk the stone, unless you're really ok with just doing it to learn. Which isn't so bad after all experience is what you get when you didn't get what you wanted (awesome quote - not mine).