But while their rarity would logically make them the most precious of minerals, many would not work in a Valentine’s Day ring diamond. In fact, there are many gemstones that are just as beautiful, but much rarer than the diamond. Black Opal The American Gemstone Society adds further options: alexandrite for June Reilly's Auction Rooms in Dublin took place on January 27. The top lot was a diamond solitaire ring with old cut diamond to diamond shoulders, mounted in white gold. .