In India it is held that one can staunch the bleeding by placing upon wounds and injuries after dipping it in cold water, which may have a scientific basis in the fact that iron oxide, contained in the stone, is an effective astringent. The Gnostics wore the stone as an amulet for longevity, for wealth and courage, to strengthen the stomach, and to dispel melancholy.
In India, applying cold water to wounds is believed to stop bleeding due to iron oxide present in the stone.  The Gnostics used this stone as a talisman for various purposes like longevity, wealth, courage, stomach health, and dispelling sadness.