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Ammolite is a rare and valuable organic gemstone primarily composed of the fossilized shells of ammonites, which are extinct marine mollusks. It is found mainly in the Bearpaw Formation in Alberta, Canada. The gemstone displays a beautiful iridescence, often showcasing a vibrant array of colors, including reds, greens, blues, and purples. This iridescence is due to the microstructure of the aragonite crystals in the ammonite shell, which diffract light. Ammolite is used in various types of jewelry and is considered one of the rarest gemstones on Earth.