Hematite occurs as a silvery, shiny opaque stone that almost looks like metal. Hematite is heavy and relatively hard mineral, comprised primarily of iron. Ancient Egyptians used hematite as ornamental objects placed inside their tombs. Magnetic hematite is perfect for snap bracelets. Create hematite jewelry by stringing beads mixed with colorful gemstones. Beadaholique.com also carries hematite rings.