Is there a way of knotting a stone into a hemp necklace rather than using regular beads. I have a few small polished stones that I received and want to use but I’m not sure if I will need to drill a hole in them or if there is a way of securing the stone by using a series of knots.

Short answer is Yes, stones can mounted without being drilled.

Longer answer: it may be a combination of techniques. But in discovery, you might figure out exactly what you want to do.

Most of my work is in mounting flat-backed stones (cabochons), and some small (uncut) river stone, with seed beads. There are jewelry artists who use macrame and un-drilled stone and found objects. Some of their techniques could be applicable to your own ideas whether your media is thick or thin, weighty or fine.

My opinion is that most open weave styles, tightly knoted, could be used to secure stone. Such as a simple alternating square knot, example in this book: http://books.google.com/books?id=Rrsuljrsfh4C&pg=PA14&dq=macrame+mounts&ei=VLJ0SaSjLpuKkATa-tm0Dg#PPA15,M1

If the links below don’t inspire, try joining "Wet Canvas" http://www.wetcanvas.com/index.php Try the "Fiber Arts" channel and search on your terms: hemp, macrame, mounting stone (or similar).
Good luck to you.

Take a look at the technique used with these macrame-bound stones https://doctortrip.com/index.php?page=shop.browse&category_id=76&option=com_virtuemart&Itemid=1
I am mentioning this site because the images that can be brought up with excellent resolution, and you might recognize the simplicity of the knots (click on the jewelry item, then again on the picture).

"Marion: Jewels in Fiber" has a way with waxed linen and cabochons. This is her class listing, take a look at the knots used on: "Cabochon Micro-Macrame Fiber Setting" and be sure to check her gallery: http://www.jewelsinfiber.com/workshop.html
Again, your ideas might differ but the knots tell a story.

Kristine Buchanan macrames stone and offers directions: http://kristinebuchanan.com/necklaces.html Again, it’s the techniques that could be applied to your own ideas.