There's more to a gem than what's graded in the 4 "C's" (color, cut, clarity and carat weight). Many other factors should weigh in your decision to buy a stone. These are physical characteristics that make a good gem what it is: First, wearability or hardness. A stone should hold up to normal wear and not scratch easily. Our hands take such an everyday abuse, knocking around, grabbing, holding, scraping against everything from brick to steel, it's asking alot for a stone to keep it's sparkle when it's mounted in a ring especially. Pendants usually don't go through such a daily beating, but some people still take off a nice pin or necklace and just toss it in a jewelry box or on a dresser to bang against other pieces, pocket change, keys or whatever else is there. So much depends on the wearer. I've sold rings that are back for repair in a six months, with the prongs beat up and stones chipped because the wearer didn't respect the beauty and character of the stone. Even with a good mounting that is heavy and protective, any stone can be damaged. Diamonds can be chipped. Even though diamond is the hardest stone, it is also brittle!
That brings up the second thing that makes a good stone, toughness. Toughness is a physical character that many stones exhibit even though they are not nearly as tough as a diamond. Brittleness and toughness and two different things entirely. A good example is aquamarine and peridot. Both are birthstones and two different species and different hardnesses. Aqua is quite tough and can be mounted and worn much easier than peridot which is more brittle. I could hammer a piece of jade with a considerable blow. The same force could be stong enough to break a diamond, because jade has a tougher character.
Heat sensitivity is another character that some stones exhibit -- opal is the worst problem child in this category. Any opal lover will tell you not to expose a fine opal ring to freezing cold and then immediately warm hands by a roaring fireplace! Many stones have some level of heat sensitivity, and while this is something that I must consider when cutting, normal everyday temperature variations are not very important with most species.
So, what stones make good jewelry? First, diamond is still king in hardness and it's generally tough enough that few are aware that it is somewhat brittle too. But why not enjoy some color in your life? The top stone after diamond has to be sapphire. Sapphire comes in ALL colors, not just blue! (Ruby is also included here, as ruby is just a red sapphire!) Sapphire is the next best thing in hardness, it's tough and has no heat sensitivity, cleavage or light problems. My absolute first choice in colored stones.
Second on my list is spinel. It's available in nearly all colors, it's hardness at 8 places it just below sapphire. It's tough, not heat sensitive, presents no problems and is VERY under rated.
My third pick is topaz. It's next in hardness at 8 but does present a problem with a perfect cleavage just like diamond. It is limited in color, but overall makes a very wearable stone.
Fourth is one of my favorite species: beryl. Gem beryl varieties are emerald (green), aquamarine(blue), heilodor(yellow), morganite(red), goshenite(clear) and bixbite(red) Beryl is 7 1/2 to 8 in hardness, it tough and not brittle or heat sensitive. The variations in color between the various available colors give a wide range to choose from.
The tourmaline group is another good choice because of the available colors, and hardness only slightly below beryl. However it is brittle and more heat sensitive.
Finally the quartz species rounds out the well know stones. Crystalline Varieties: amethyst, citrine, ametrine, rose, smokey, rutilated and the cryptocrystaline varities: chalcedony, carnelian, sard, chrysoprase, agate, onyx, & jasper. Quartz has respectable hardness at 7; crystaline varieties are often brittle while cryptocrystaline forms are sometimes exceedingly tough.
This covers a good bit of the popular stones available, but is only the tip of the iceberg as there are many many more species not mentioned.