The general acceptance is that a "precious" stone only refers to diamonds, rubies, emeralds and sapphires. These four stones are a rarity to find naturally versus the "semi-precious" stones, and thus the reason for the luxury pricing.
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| Photo courtesy of http://visual.merriam-webster.com |
"Semi-precious" umbrellas a large quantity of stone types and even under this category there are varying degrees of value. On the higher end of semi-precious are stones such as aquamarine, tanzanite, and opal and on the lower end are stones such as amethyst, garnet, quartz.
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| photo courtesy of iCollector.com. H. Stern aquamarine ring. |
Admittedly, while I will always take a diamond over a semi-precious stone (as a gift), I do find that semi precious stones often are more versatile with which to design due to the variety in colors and availability of the stones.
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| My triple Aventurine necklace is one of my classic favorites, and much less expensive than jade. |



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