If it has good color, and is natural and untreated, expect to pay more for the higher quality. The simulated material is much easier to produce in detailed shapes, and looks and feels like the real material. If you look closely at the hole in a molded bead of simulated hematite you will often see a smoothly curved hole rather than the slightly chipped and sharply defined edge of a true drill hole. The holes are usually molded into the simulated product. Both genuine and simulated Hematite are Iron Oxide.
True hematite leaves a red streak when scratched across a piece of unglazed porcelain.
The simulated products usually leave a gray streak.