Philosopher's Stone
Vanilla EMC = 9,984
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Mixing glowstone dust and redstone dust around a diamond has created the legendary Philosopher's Stone, the gateway to alchemy itself. Through crafting with the Philosopher's Stone (press C), you have discovered that the intense heat created when crafting can allow you to smelt 7 dusts or ores with a catalyst (namely charcoal or coal).
The Philosopher's Stone will also allow you to transmute dirt into sand and sand into grass. Stone can become cobblestone and likewise. Charging it (press V to charge, shift-V to discharge) will affect a wider area.
Used to craft a variety of alchemical items and materials, the Philosopher's Stone is not consumed in the process.