Every eight years it is placed into a ceremonial scepter and used to transmute the light of the Blue Harvest Moon into Blue Pixie Dust, which is used to restore the strength of the Pixie Dust Tree. Fairy Mary described it as "ridiculously fragile", and Tinker Bell accidentally broke it. However, its shards were still usable and Tinker Bell was able to arrange them to maximize its potential output.
Tinker Bell then took it home as she then broke it. In despair Tinker Bell went to an island due north of Never Land, to search for the Mirror of Incanta, which granted three wishes but two were spended as then only one wish was left. Tinker Bell to restore the gem tried to wish for the Moonstone to get back to its circular shape but accidentaly she wished for Blaze to be quiet. After no luck her only hope was to make its shape different, with Terence's help they made a new shape.
By using all the pieces, along with a diamond Tinker Bell had found, they designed the scepter so that when the Blue Moon shined through the diamond, it refracted the light into the Moonstone pieces, maximising the effect, and creating more Blue Pixie Dust than ever had been seen at any prior Autumn Revelries.
- In The Hidden World of Fairies, Wendy Darling states that Queen Clarion has a crown set with a moonstone.