Hematite is basically an iron ore, but it is more sexy than you might have thought. Iron does what it wants and expresses in so many ways as an inclusion in other stones that it boggles the mind. Most of the inclusions that happen in quartz, even the fancy ones that people have called other things, are actually just some sort of iron inclusion. My favorite is hematoid rose quartz, or hematite included rose quartz, which we call "Sacred Heart"rose quartz. It can look like red glitter, gunmetal silver glitter, golden (golden healers are hematite included quartz), or deep red. I've probably missed a few examples.
Hema(tite), like hemaglobin, represents sacred life blood. This is often associated with the Divine Feminine and primal creative processes/energies, or sacred blood from a divine source that transforms. All forms of hematite will streak red when tested. Hematite is very grounding, but it also is protective, stabilizing, and because it looks like mercury, can assist with mercurial type issues like communication, travel, technology.
A note for discernment: Many of the magnetic "hematite" products on the market, which are being sold as having all sorts of healing properties, are not actually hematite. It is iron ore which is ground up and then has manmade materials added to it, which is then magnetized. You may see it called "hematine" or "hemalike" from vendors who actually care enough to be clear about it. I'm not knocking magnet therapy, many people swear by it, but that stuff isn't hematite. Magnetite is one of the natural earth magnets, but it isn't terribly strong compared to the "hemalike" products. Those suckers will take out a computer or credit card strip if you get them too close!
Hematite plays well with: Other irony rocks (golden healers, red phantoms, Sacred Heart Quartz, lodestone/magnetite) Grounding rocks (black, brown, grey, or red) Stabilizing rocks (petrified wood, fluorite, sodalite) All rocks (serves as a grounding agent for any higher vibrational stone that needs step-down assistance to be of use)