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The natural stone Ammolite consists of brilliant, intensely hued bits of a rare, mineralized fossil shell. The mollusk ammonite became extinct more than 70 million years ago. When the fossil ammonite becomes opalized it is called Ammolite. Rare, gem -quality ammolite appears similar to black opal, showing different color combinations when the stone is viewed from different angles. The most common colors range from yellows, oranges to reds and greens. The blues are more rare and hence more expensive.