Ancient Egyptians used hematites as ornamental objects placed inside their tombs. Hematite derives its name from the Greek word haem (blood ) in allusion to its red color in its rough form. Deposits: The most important deposits of hematite come from a sedimentary deposit: the Lake Superior district in North America. Other important deposits include Minas Gerais (Brazil), Cerro Bolivar (Venezuela), Labrador, and Quebec It Has a mohls hardness of 5.5-6.5.