When used for a person, it becomes the highest compliment, meaning 'a precious being, like a jewel'. Or, in investment talk, it can indicate the will to hold on until the end, like 'diamond hands'.

Like the expression 'a gem in the rough', it can also mean a person or thing with hidden talent or potential. Among K-pop fans, this emoji is used when they say they've 'discovered a gem' to describe a talented but not-yet-famous idol.