Owing to its exquisite look and mystical qualities, peridot has been treasured and appreciated. It is unclear where the name of this appealing gem came from. Some people believe that the Arabic word for gem, faridat, is where the name peridot got its start. Some claim that the name peridot has its roots in the Greek word peridona, which means to give abundantly. Peridot Gemstone of Prosperity has green colours and is composed of iron and magnesium in its chemical components. Depending on the type and quantity of iron present, peridot may come in a variety of green hues.