People have varied interpretations of gemstones. Gemstones are found worldwide and used for adornment, as well as for religious, therapeutic, and personal significance. Diamonds aren't the only precious gems out there. In addition to their size, quality, and color, rare gems are coveted for their beauty.

The following gemstones are among the most expensive and sought-after in the world today:

TANZANITE

Tanzanite was discovered in 1967 in Tanzania's Mirerani Hills (in just a 4.3 x 1.2-mile mining area). Tiffany & Co. began employing its deep blue-violet tint in jewelry. As tanzanite supplies dwindle, its value will rise.

SAHARA

Black opal is the most desirable and precious opal—dark yet colorful stone. Most black opals originate from Australia's Lightning Ridge. The 306-carat "Royal One" is worth $3 million.

MUSGRAVITE

In Australia's Musgrave Ranges, musgravite was found. It's a magnesium-iron-zinc aluminum oxide stone. Eight gem-quality musgravite stones were found in 2005. It varies from transparent olive green to greyish purple and costs $35,000 per carat.

RUBY

Pure beryllium-aluminum-silicate is colorless. Traces of other components influence the stone's color. Gem-quality red beryl is exclusively found in Utah's Wah Wah Mountains. Dark crimson.

ALEXANDRITE

This chrysoberyl changes color in the light. In light, it's emerald; in darkness, ruby red. Alexandrite contains titanium, chromium, and iron. 1833's discovery is mined in Russia, India, and Sri Lanka. Size affects per-carat value.

 EMERALD

Per carat, emeralds cost $305,000. Green tones make it a desirable gemstone. Most emeralds have slight flaws, although flawless ones may be valuable. John D. Rockefeller's wife previously held an 18.04-carat diamond that sold for $5.5 million at Christie's.

RUBY

At Sotheby's, a 26-carat Burmese ruby sold for almost $30 million at $1.18 million per carat. Ruby colors vary from pink to dark red. They represent passion and vigor to many.

DIAMOND

Pure carbon diamonds cost $15,000 per carat. Most engagement and wedding bands include it. There are fewer than 30 red diamonds worldwide, each worth $1 million per carat—a 14.62-carat Vivid Blue diamond sold for $57.5 million at Christie's Magnificent Jewels in 2015.

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