Hematite is one of the most abundant minerals on Earth's surface and in the shallow crust.​ It is a minor gem material used to produce cabochons, beads, small sculptures, tumbled stones, and other items. The material used to manufacture these products is a silver-colored hematite with a solid, uniform texture. The bright silver color of hematite and its "weighty feel" make it a very popular tumbled stone.

Hematite is the most important ore of iron. Although it was once mined at thousands of locations around the world, today almost all of the production comes from a few dozen large deposits where significant equipment investments allow companies to efficiently mine and process the ore. Most ore is now produced in China, Australia, Brazil, India, Russia, Ukraine, South Africa, Canada, Venezuela, and the United States.

Mohs hardness: 5 to 6.5