Magic of Moonstone: Meanings, Benefits, Healing Properties & More Moonstone is also known as Moon Magic gemstone because Romans believed that moonstone was formed from moonbeams. They even associated it with the Moon Goddess Diana, who they thought showered her blessings upon everyone who possessed this moon magic gemstone. Other legends believed that this gemstone had moon magic inside it, and it brought the gifts of prophecy and clairvoyance to the wearer.