Million Dollar Opal?

When you hear the phrase Million Dollar Opal?, you might imagine a once-in-a-lifetime gemstone—something mythical, unattainable, glowing from within. But for me, that question became surprisingly real during a recent trip to Lightning Ridge, where we stumbled upon a parcel of rough opal so vibrant, so dense with color, it was valued at nearly one million dollars. Unable (and unwilling) to gamble that kind of money, I did the next best thing: I bought a single piece from the edge of the parcel to test whether the rest might be worth the hype. What follows is a lesson in color bars, clarity, crystal potential—and why testing rough is sometimes the most valuable decision you can make.

Testing the Million Dollar Opal?

The small sample I chose weighed 18.18 carats and held promising flashes of orange, green, and blue—a thick color bar with the kind of brightness that makes a cutter’s pulse quicken. Would it be clean crystal opal or a smoky, muted version of the same thing?

The experiment began on the wheel. I removed potch, chased clarity, and worked through the natural crack sitting on the corner of the stone. As layers fell away, the truth revealed itself: this wasn’t a single, clear crystal bar—it was two. One brighter and more structured, the other more watery and smoky.

The surprise? The “back” of the gemstone carried better color and crisper clarity than the front. A quick slice created two potential gems, and the more promising half was re-faced, domed, and polished into a striking little crystal with true 3D color-on-color. Not quite nobby clarity—but undeniably beautiful.

Balancing Beauty With Reality

By the end, I had two pretty gemstones—but they weren’t the million-dollar winners the original parcel hinted at. The seam material carried the common cloudiness that sets it apart from the razor-clear brilliance of nobby crystal opal. And while the cut gemstones displayed gorgeous play-of-color, the final valuation told a different story.

After paying $6,000 for the rough, the return hovered around the same—no profit, just a valuable insight into the larger parcel we opted not to buy. In opal cutting, that’s still a win.

The verdict? The Million Dollar Opal? remains a question mark. Beautiful material, yes. Worth the seven-figure gamble? My test piece suggests: probably not. But as always, every slice, every polish, every surprise inside the gemstone adds to the collective knowledge that makes opal cutting the most addictive craft on earth.