Some people believe that this is where the name Peridot originated. Iron and magnesium make up the chemical components of peridot, which have a green coloration. Peridot can be any shade of green, depending on the kind and amount of iron in it. A lot of legends and traditional beliefs surround this dazzling green gemstone. In ancient Egyptian mythology, peridot was considered a "gem of the sun" that, when carried or worn as peridot jewelry , would shield its wearers from the perils of the night. In Hawaiian mythology, the peridot is said to be the tears of Pele, the volcano and fire deity. He thought that the Hawaiian island was founded by him.