I doubt it will have much affect on the market at all.
It will become so expensive that no one can buy it either because more than half of volume of BTC will be in the gem, or 100% more likely it will reach market value of the novelty of a JPEG of a gem which I imagine isn't going to be very much.
The last person holding the gem ends up screwed. The owner of the site's (the broker) money made from this venture will equal the sum of the profits he has payed out from the all previous rounds since it looks like he splits the difference 50/50. Plus he can "retire" anytime and keep the BTC from the last purchase price and email the JPEG of the gem to the current owner and tell him to find a different broker.
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