Morganite was first discovered in California in the early twentieth century. A rich gem find of tourmaline, kunzite, and other gems outside San Diego started a gem rush in the region. Morganite was an exciting new discovery, one that drew the attention of the world's most important gem buyer: George Kunz of Tiffany & Co. He decided to name it in honor of his biggest customer: millionaire bank tycoon J.P. Morgan, who was an avid gem collector.

Although its color is pastel, it has a lushness rare in pink gemstones.

There are deposits of this gemstone in Brazil, Mozambique, Namibia, Afghanistan, and Russia.