Any stone that has the 3 fundamental qualities of beauty, rarity and durability could be regarded as a gemstone.
In gemology (study of gemstones) gemstones are not divided on the basis of precious and semi-precious but are split on the basis of organic and inorganic group. The concept of "precious" and "semi-precious" arrived on the scene decades back in the trade to help separate expensive (precious) gems from inexpensive (semi-precious) types.
Gemstones that usually falls under precious category are: Diamond (all colors), Emerald, Ruby, Sapphires (all colors), Alexandrite (color changing), Natural Pearl, Coral (Hawaiian), Amber, Garnet (some varieties), Lapis Lazuli (Afghanistan) and all sorts of other rare gemstones.
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