Gemstones have long become part of folklore. Lots of interesting myths, legends and tales involve precious gemstones all around the world.

There is one Ural fairy tale known as "Silver Hoof".

It involves a mysterious deer who had a silver hoof on his right front leg. Whenever the deer stomps with this hoof, sparks fly and a gemstone is made, two stomps produce 2 gemstones, if Silver Hoof paws the ground a multitude of sparks fly and produce a cascade of many different colored gemstones.

Blue sparks make Sapphires, Red sparks make Rubies, white sparks make Diamonds.

The fairy tale involves a poor orphan girl Daryonka and her cat, who are adopted by an old hunter named Kokovanya. One night when the old man is away and Daryonka is alone, Silver Hoof arrives and plays around excitedly, running and stomping and so covering the old hunters lodge with many gemstones. Kokovanya returns in time to see Silver Hoof and starts picking up the gems in his hat. The price to pay for all the riches is that Silver Hoof takes away Daryonka's beloved cat. All that remained the next day, to show that Silver Hoof had been there, were green gemstones.
Both the old hunter and the orphan girl were now rich but Daryonka missed her cat terribly. They never saw Silver Hoof ever again.

In India, a violent ancient fable tells about how gemstones were created.
A Demon God Vala had overthrown Indra the God of Thunder and subdued all the other Demi-Gods. But he was tricked into playing the part of a sacrifice in a mock ritual. Once they had him helpless, the other Gods killed him and chopped his body parts into different pieces. When his body parts fell to earth they became gemstones.

Drops of his blood became rubies, his skin, yellow sapphires, his eyes, blue sapphires and his bones shattered and became diamonds. Vala's teeth fell into the oceans and landed on oysters where they became pearls. His intestines were thrown into the sea and became coral. Vala's bright green bile became emeralds and his fat, jade or quartz.

The significance of the story is sometimes given a medicinal explanation as gemstones are often used for healing.

The famous Tales of The Arabian Nights also have a few stories involving gemstones.