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Using peridot gemstones peridot will increase your self esteem, and aid you to let go of guilt, felt from past experiences.it is historically reputed, and has been known since ancient times, to be a stone to wear for protection against psychic attack, so it is especially to use while doing spiritual work. Peridot is a green colored, semi-precious gemstone from the Olivine mineral family. As an astrological substitute of emerald, it is worn to promote intelligence, communication skills and good health. Peridot is a mineral of the olivine family. It has a color that is entirely its own, but it is many a times confused with Emerald stone.