Black Opal is Australia’s national gemstone, and black opal is the rarest and most valuable of its kind, at times selling at prices that rival the best diamonds. The stone must have a rich, black background, but base colors come in all shades of gray, which is why opinions vary on what is a “true” black opal. Found in the Lightning Ridge area in northwestern New South Wales, black opals are natural, solid stones that absorb scattered white light, giving it brilliant spectral colors.