Peridot is not ranked in the top gemstones of the world. However, its attraction rests in its colour which is ideally a rich 'oily green'. Gemstones with the intense bright green colour resembling new cut grass, or those which are olive green, or those which display a velvety 'sleepy' appearance with a shiny rich glow are highly in demand and fetch top prices. Peridot is the gem quality transparent variety of the mineral called olivine. Small crystals of olivine are commonly found in rocks created by volcanic eruptions.
Peridot is, therefore, a gem of volcanic origin.
Small crystals of olivine have also been found in meteors that fall on earth. For these reasons peridot is sometimes called the 'extraterrestrial gemstone'. The history of peridot can be traced back more than 3500 years when it caught the fancy of the ancient Egyptians. It was a popular gemstone in the Ottoman empire. Turkish sultans had the largest collection of peridot gemstones.