If you've joined the Thieves Guild and you speak to Glover Mallory in Raven Rock, you'll reveal some dialogue about him being associated with the guild. After a bit of backstory, he'll send you off to retrieve an Improved Bonemold Formula. After a lengthy trip up to the top of the island, you'll go into a cave and come out with the formula. As a reward, Glover gives you the key to his secret basemant area, which is full of thief-type loot! Now, you may be thinking, "Ok, we know this...", but there are some extra things.
Anyway, in this secret den, you'll find the Blackguard Armour (essentially the Thieves Guild armour but much better), some lockpicks and gold, some poisons, a Thief Cache... and a letter. The letter describes how Glover is associated with Sapphire, and a few other things. In any case, all of the loot is worth a nice amount of gold. You probably won't sell the Blackguard armour though. Now, this letter...
If you go to Riften and find Sapphire, with this letter in your inventory, you can give it to her. After some dialogue, she'll thank you with an 'Exquisite Sapphire', which is essentially a Sapphire worth 5000 gold. Cool, right? But it doesn't end there.
Eventually, Glover's house will reset. All of the loot will respawn. Including everything in the den - Blackguard armour, Thief Cache and even the letter. So now you can loot everything again, sell the armour for a few thousand because you don't need a second set, and I've tested this - you can give the letter to Sapphire again! She rewards you, again, with an Exquisite Sapphire, and you can repeat the whole process.
Just a tip for you guys. Everytime you're passing through Raven Rock, check his house, and if it has respawned, you have essentially got yourself thousands of gold just for a bit of a detour. And hopefully I may of enlightened a few of you to the very existence of this quest, as it's kind of hidden.
