Ah, but the speculative
Hui-theory is that the Silmaril is but the core of the Arkenstone: the cut facets must be some non-Silmaril material that frames it but not the perfectly round Silmaril itself. How thick a layer of crystal/obsidian/acrylic needs be around a Silmaril to keep it from burning a dragon's dainty mitts?
(Never mind that
burning seems particularly inapt a punishment for a dragon.)
The whole theory is, to my mind, clearly wrong, but I find I can tolerate quite a bit of utter wrongness when it's done knowing it's wrong.