Iron
Large quantities of hematite are mined every year to be turned into iron. In the United States alone, says Mineral and Gemstone Kingdom, 90 percent of all iron is produced from hematite. The iron is used architecturally to increase structural integrity, and it also used in appliances. Stainless steel is an iron alloy, and is used for its strength and beauty in building and appliances.
Pigment
Hematite was originally used as a pigment for coloring pottery, according to the Geophysics website. The resulting color is various shades of red and brown. Today, hematite is no longer used a coloring pigment because it is more expensive to produce than the pigments in use today.
Jewelry
Hematite is used to create necklaces, earrings, rings and bracelets. Polished black hematite is the color of choice used in jewelry. Yet another name for hematite is black diamond, referring to its ornamental use. Black hematite beads are common in costume jewelry, and hematite is also carved into cabochons.
Collectors
Natural, well-formed hematite is a collectible item for gem and mineral collectors. These pieces often also contain quartz, albite, calcite, biotite, pyrite, barite, magnetite and magnesite, according to Mineral and Gemstone Kingdom, as these grow naturally together.
Figurines
Polished black hematite is also carved into figurines. Various figurines can be found in the world marketplace. Cat, wolf, elephant and seal hematite carvings can be found. These figurines can be put on display in the home or made into pendants or brooches.