Moonstone
Moonstones are opalescent, pearly stones generally white in color. They are thought to be made from solidified moonlight. Some are mundane and seem to hold no magical power, but others contain the moonlight itself and can be used to light dark places or tell time.
Mundane
There exist mundane moonstones that do not contain any moonlight. These moonstones are frequently found in jewelry. They are rare and valuable, but they have no magical power.
Magical
Far rarer are moonstones that contain magic. Such moonstones contain the power of the moon itself, glowing with pure moonlight dependent upon the time of day and the moon's own phase. The light emitted by a moonstone reflects the phase of the moon, the light waning and waxing as the moon does. Regardless, the light put out by a moonstone will always be relatively bright, with one exception: the new moon. During the new moon, the moonstone will remain dark. However, some say incantations can be used to empower a moonstone with light even during a new moon.
Ljosalfar, the light elves, treasure moonstones and often use them to light their cities.