What constitutes a precious stone is the question which, at the onset, rises in the mind, and this question, simple as it seems, is one by no means easy to answer, since what may be considered precious at one time, may cease to be so at another.

There are, however, certain minerals which possess distinctive features in their qualities of hardness, colour, transparency, refractability or double refractability to light-beams, which qualities place them in an entirely different class to the minerals of a metallic nature. These particular and non-metallic minerals, therefore, because of their comparative rarity, rise pre-eminently above other minerals, and become actually "precious."

This is, at the same time, but a comparative term, for it will readily be understood that in the case of a sudden flooding of the market with one class of stone, even if it should be one hitherto rare and precious, there would be an equally sudden drop in the intrinsic value of the jewel to such an extent as perhaps to wipe it out of the category of precious stones. For instance, rubies were discovered long before diamonds; then when diamonds were found these were considered much more valuable till their abundance made them common, and they became of little account. Rubies again asserted their position as chief of all precious stones in value, and in many biblical references rubies are quoted as being the symbol of the very acme of wealth, such as in Proverbs, chapter iii., verses 13 and 15, where there are the passages, "happy is the man that findeth wisdom ... she is more precious than rubies"—and this, notwithstanding the enormous quantity of them at that time obtained from the ruby mines of Ophir and Nubia, which were then the chief sources of wealth.

It will also be remembered that Josephus relates how, at the fall of Jerusalem, the spoil of gold was so great that Syria was inundated with it, and the value of gold there quickly dropped to one-half; other historians, also, speaking of this time, record such a glut of gold, silver, and jewels in Syria, as made them of little value, which state continued for some considerable period, till the untold wealth became ruthlessly and wastefully scattered, when the normal values slowly reasserted themselves.

Amongst so many varieties of these precious minerals, it cannot be otherwise than that there should be important differences in their various characteristics, though for a stone to have the slightest claim to be classed as "precious" it must conform to several at least of the following requirements:—It must withstand the action of light without deterioration of its beauty, lustre, or substance, and it must be of sufficient hardness to retain its form, purity and lustre under the actions of warmth, reasonable wear, and the dust which falls upon it during use; it must not be subject to chemical change, decomposition, disintegration, or other alteration of its substance under exposure to atmospheric air; otherwise it is useless for all practical purposes of adornment or ornamentation.

There are certain other characteristics of these curious minerals which may be classified briefly, thus:—Some stones owe their beauty to a wonderful play of colour or fire, due to the action of light, quite apart from the colour of the stone itself, and of this series the opal may be taken as a type. In others, this splendid play of colour is altogether absent, the colour being associated with the stone itself, in its substance, the charm lying entirely in the superb transparency, the ruby being taken as an example of this class of stone. Others, again, have not only colour, but transparency and lustre, as in the coloured diamonds, whilst the commoner well-known diamonds are extremely rich in transparency and lustre, the play of light alone showing a considerable amount of brilliancy and beauty of colour, though the stone itself is clear. Still others are opaque, or semi-opaque, or practically free from play of light and from lustre, owing their value and beauty entirely to their richness of colour.

In all cases the value of the stone cannot be appreciated fully till the gem is separated from its matrix and polished, and in some cases, such as in that of the diamond, cut in variously shaped facets, on and amongst which the light rays have power to play; other stones, such as the opal, turquoise and the like, are cut or ground in flat, dome-shaped, or other form, and then merely polished. It frequently happens that only a small portion of even a large stone is of supreme value or purity, the cutter often retaining as his perquisite the smaller pieces and waste. These, if too small for setting, are ground into powder and used to cut and polish other stones.

Broadly speaking, the greatest claim which a stone can possess in order to be classed as precious is its rarity. To this may be added public opinion, which is led for better or worse by the fashion of the moment. For if the comparatively common amethyst should chance to be made extraordinarily conspicuous by some society leader, it would at once step from its humbler position as semi-precious, and rise to the nobler classification of a truly precious stone, by reason of the demand created for it, which would, in all probability, absorb the available stock to rarity; and this despite the more entrancing beauty of the now rarer stones.

The study of this section of mineralogy is one of intense interest, and by understanding the nature, environment, chemical composition and the properties of the stones, possibility of fraud is altogether precluded, and there is induced in the mind—even of those with whom the study of precious stones has no part commercially—an intelligent interest in the sight or association of what might otherwise excite no more than a mere glance of admiration or curiosity. There is scarcely any form of matter, be it liquid, solid, or gaseous, but has yielded or is now yielding up its secrets with more or less freedom to the scientist. By his method of synthesis (which is the scientific name for putting substances together in order to form new compounds out of their union) or of analysis (the decomposing of bodies so as to divide or separate them into substances of less complexity), particularly the latter, he slowly and surely breaks down the substances undergoing examination into their various constituents, reducing these still further till no more reduction is possible, and he arrives at their elements. From their behaviour during the many and varied processes through which they have passed he finds out, with unerring accuracy, the exact proportions of their composition, and, in many cases, the cause of their origin.

It may be thought that, knowing all this, it is strange that man does not himself manufacture these rare gems, such as the diamond, but so far he has only succeeded in making a few of microscopic size, altogether useless except as scientific curiosities. The manner in which these minute gems and spurious stones are manufactured, and the methods by which they may readily be distinguished from real, will be dealt with in due course.

The natural stones represent the slow chemical action of water, decay, and association with, or near, other chemical substances or elements, combined with the action of millions of years of time, and the unceasing enormous pressure during that time of thousands, perhaps millions, of tons of earth, rock, and the like, subjected, for a certain portion at least of that period, to extremes of heat or cold, all of which determine the nature of the gem. So that only in the earth itself, under strictly natural conditions, can these rare substances be found at all in any workable size; therefore they must be sought after assiduously, with more or less speculative risk.