Clarity ranges from transparent to translucent. Sometimes moonstone will have an eye as well as a sheen. Another related feldspar variety is known as rainbow moonstone. In this variety of labradorite feldspar, the sheen is a variety of rainbow hues. The best moonstone has a blue sheen, perfect clarity, and a colorless body color.
Fine moonstone is quite rare and becoming rarer.
It is mined in Sri Lanka and Southern India. The rainbow variety can also be found in Madagascar. Blue flash and rainbow moonstones have recently become very popular. Once considered plentiful, they are now rather scarce due to increased demand and prices have risen. The cost of carvings may fall into the moderate category if they are very unusual.