Shop online for Blood Stone Pencil Points at affordable price. The bloodstone also has grounding and purifying properties. Because of its ability to ward off negative energy and purify and cleanse the energy around it, the bloodstone is considered very protective. It can strengthen the immune system, help invigorate the blood, and energize one`s life. Bloodstone is a variety of chalcedony, which is crypto crystalline quartz. When it is green, the color comes from chlorite particles, dotted with bright, distinctive red spots of iron oxide that resemble blood, hence its name. The stone is a symbol of justice.