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Topaz comes in many different hues, including yellow, blue, clear, green, or in very rare instances, red topaz. Topaz occurs in the igneous rock rhyolite, or granite and is found in tiny cavities within these rocks. Topaz is used in industrial uses due to qualities such as heat resistance. But of course, most people recognize Topaz for its use in jewelry making. When high quality stones are cut properly, their value rises dramatically.