The History of Moonstone The most alluring crystal among the gemstones is the Moonstone which is also known as moon magic and is celebrated for its beautiful appearance and mystical properties. As it has become more popular in modern times, it's important to understand its significance in history and why it is prominent in both eras. When its history was researched back in the ancient civilizations, the people got to know that it was admired for its spiritual importance and believed to be connected with the magic of the moon.