Some gemstones are manufactured to imitate other gemstones. For example, cubic zirconia is a synthetic diamond simulant composed of zirconium oxide. The imitations copy the look and color of the real stone but possess neither their chemical nor physical characteristics.

However, lab created gemstones are not imitations. For example, diamonds, ruby, sapphires and emeralds have been manufactured in labs to possess identical chemical and physical characteristics to the naturally occurring variety. Synthetic (lab created) corundums, including ruby and sapphire, are very common and they cost only a fraction of the natural stones. Smaller synthetic diamonds have been manufactured in large quantities as industrial abrasives. Larger synthetic diamonds of gemstone quality, especially of the colored variety, are also manufactured.

Whether a gemstone is a natural (genuine) stone or a lab-created (synthetic) stone, the characteristics of each are the same. Lab-created stones tend to have a more vivid color to them, as impurities are not present in a lab, so therefore do not affect the clarity or color of the stone. However, natural gemstones are still considered more valuable on average due to their relative scarcity.

The origin of the gemstone also does not affect its categorization as precious or semi-precious. Rubies, sapphires and emeralds are always precious stones, while other gems are considered semi-precious.