A gemstone or gem (also called a precious or semi-precious stone, a fine gem, or jewel) is a piece of mineral, which, in cut and polished form, is used to make jewelry or other adornments. However certain rocks (such as lapis lazuli), or organic materials that are not minerals (such as amber or jet), are also used for jewelry, and are therefore often considered to be gemstones as well. Most gemstones are hard, but some soft minerals are used in jewelry because of their luster or other physical properties that have aesthetic value. Rarity is another characteristic that lends value to a gemstone.

Gemstones are classified into different groups, species, and varieties. For example, ruby is the red variety of the species corundum, while any other color of corundum is considered sapphire. Another example are the Emerald (green), aquamarine (blue), red beryl (red), goshenite (colorless), heliodor (yellow), and morganite (pink), which are all varieties of the mineral species beryl.

Aside from the diamond, the ruby, sapphire, emerald, pearl (not, strictly speaking, a gemstone) and opal have also been considered to be precious. Up to the discoveries of bulk amethyst in Brazil in the 19th century, amethyst was considered a precious stone as well, going back to ancient Greece. Even in the last century certain stones such as aquamarine, peridot and cat's eye (cymophane) have been popular and hence been regarded as precious.