Minas Gerais has long been one of the world's preeminent sources of colored gems, including emerald and alexandrite and there are two important sources of alexandrite in Minas Gerais: Malacacheta and the António Dias-Hematita-Santa Maria de Itabira area.

Itaitinga mine located near Hematita, 16 km northeast of Belmont. This alluvial deposit produces an average of five kilograms per day, which yields about 250 carats per month of faceted alexandrite. Some exceptional v-shaped twins up to 22 cm in length were recovered from Itaitinga mine recently. The mechanized mining and sorting operation employs over 40 workers. An outcrop of alexandrite-bearing rock was recently discovered at Itaitinga, so production may eventually come from the primary deposit as well as alluvial workings.