A gemstone (also called a fine gem, jewel, precious stone, semiprecious stone, or simply gem) is a piece of mineral crystal which, in cut and polished form, is used to make jewelry or other adornments. However, certain rocks (such as lapis lazuli, opal, and obsidian) and occasionally organic materials that are not minerals (such as amber, jet, and pearl) 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 and notoriety are other characteristics that lend value to gemstones.

Found all over the world, the industry of coloured gemstones (this meaning anything other than diamonds) is currently estimated to be around 10-12 million US dollars .

Apart from jewelry, from earliest antiquity engraved gems and hardstone carvings, such as cups, were major luxury art forms. A gem expert is a gemologist, a gem maker is called a lapidarist or gemcutter; a diamond cutter is called a diamantaire.