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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.

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Hematite is part of the petrographic collection and can be seen in the Ores of Bosnia and Herzegovina exhibit in the Natural Sciences Pavilion.