While I love hit reduction and agree that it is totally underestimated, having that part of the item non-stackable makes this just another Necropolis Cursed Skull (aka. major flop). If you have more gems,the chances of the hit reduction being applied should increase (this should especially be the case with the cursed skull and it's heal).
Such a ridiculously low chance of proc makes that part of it useless - it's just a sales gimmick and people will complain that it "never" procs until the gem is devalued to obscurity.
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