Is it the same thing as traditional moonstone? No. Is it some sort of moonstone? Depends what side of that debate you fall on, but on a practical level it's broadly accepted in the trade. We just discussed this recently: viewtopic.php?f=34&t=23176 This is a particularly fine example, by the way. It's a nice illustration of how the thickness of exsolution lamellae strongly affects which kind of color we see. Thicker ones can induce Rayleigh scattering (as in blue k-spar moonstone), but once they get thin enough you get iridescent effects (and thus the 'rainbow' part of the name).
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