The name iolite comes from the Greek ios ("violet").
It is sometimes called "water sapphire" because it is found in water deposits and is sometimes mistaken for blue sapphires.
The stone has an ability to change colors depending from which angle you look at it. It is commonly known as "Vikings' compass" since they are reported to have used thin iolite lenses to polarize the light and determine the exact position of the sun, and therefore their course, on overcast days
Iolite is found in Sri Lanka, Myanmar, India, Madagascar, Brazil and the U.S.A.