Iolite is named after the Greek word "ios," meaning violet. The rich purple-y to blue hues of iolite earned this gemstone the nickname of water sapphire. Ranging from deep blue to a purple tint, the deeper the color the more valuable the iolite gem is said to be. Some legends even say iolite strengthens eyesight. Other metaphysical beliefs hold that iolite promotes pure thoughts, intuition and self-acceptance.