Are colored gemstones considered precious? What is the difference between precious and semi-precious gemstones?

All natural colored gemstones are precious. They are a scarce resource yielded from the earth and their value is determined by their availability and quality. So, the terms “precious” and “semi-precious” can be misleading.

Years ago, Sapphires, Emeralds, and Rubies were classified as “precious” gemstones but these classifications are no longer appropriate. There are plenty of very fine “semi-precious” gemstones that are even more rare and precious than the traditional “precious” gemstones. For example, Paraiba Tourmaline is much rarer than the traditional “precious” gemstones and can cost significantly more too.