Gems are valuable, but some are much more valuable than others.
Such gems as topaz, aquamarine, and garnet are called semi-precious, and cost much less than precious gems.
There are only four minerals that are considered precious gems today: diamond, emerald, and two forms of corundum, ruby and sapphire.
Pearl, which is not a mineral but the product of oysters, is also called a precious gem.

2 Comments
But I don’t understand how old, pressurized carbon (a diamond) can be considered as a precious gem? And isn’t only expensive because the supply of diamonds is restricted?
What about Tanzanite?