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The name hematite is derived from the Greek word haima, which means blood, and refers to the red colour of this mineral. Hematite is used as a raw material in the synthesis of various ferrites (used as magnets). It is also used for jewellery, as an abrasive for polishing jewellery and lenses, and as a catalyst in some industrial syntheses. Hematite is the most stable and most widespread of all iron oxides.
Hematite is part of the petrographic collection and can be seen in the Ores of Bosnia and Herzegovina exhibit in the Natural Sciences Pavilion.