Hematite is an important ore of iron and it's blood red color (in the powdered form) lends itself well in use as a pigment. Hematite gets its name from a greek word meaning blood-like because of the color of its powder. Ancient superstition held that large deposits of hematite formed from battles that were fought and the subsequent blood that flowed into the ground. Crystals of Hematite are considered rare and are sought after by collectors.