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A really bizarre possibility is that the deeper purpose behind Bilbo and Frodo's adventures was to inform the Valar of the location of one of the lost Silmarils...as opposed to the deeper purpose of Bilbo's journey being to find the One Ring.
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Me too. [img]smilies/smile.gif[/img]
On the subject of volcanoes, yes they are very often broad and rounded, but they certainly don't have to be. Mt Rainier is volcanic, and it's pretty sharp looking.
Also, though I can't remember for sure, I seem to recall from one of my geology classes, as stated by Feanor of the Peredhil, that eruptions can indeed yield other sorts of jewels besides diamonds.
As far as the dwarves cutting and fashioning it, I'm totally with you on that Gwaihir. That statement just doesn't hold any water, so we can entirely discount that in this debate.
Someone mentioned earlier a size discrepancy. I, too, always thought that the arkenstone was larger. Anyone want to shed any light on that question? Maybe find places where someone is holding the jewel and see how large it sounds.
So far, I can't see anything that would conflict with this theory. I don't believe it myself, but I'd be willing to let others believe it unless the theory is soundly refuted.
("or if Maglor himself showed up (his death isn't recorded"
I've considered that too. I've always thought it would be neat if he came out of nowhere leading an army and helped fight Sauron. That would be cool. [img]smilies/smile.gif[/img] )