The most common and most likely answer to this crossword clue is the 4 letter word RUBY
R
U
B
Y
More clues leading to the result RUBY
Buddy explains!

The straight part
We know that "gemstone" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case gemstone = ruby.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RUBY mean?
RUBY noun- A clear, deep, red variety of corundum, valued as a precious stone.
- A red spinel.
- A deep red colour.
- The tincture red or gules.
- The size of type between pearl and nonpareil, standardized as 5½-point.
- A ruby hummer, a South American hummingbird, Clytolaema rubricauda.
- A red bird-of-paradise, Paradisaea rubra.
- To make red; to redden.
- Of a deep red colour.
- A pronunciation guide written above or beside Chinese or Japanese characters.