While comparing Magnetite and Hematite physical properties, the important data you should know is its chemical composition. Since chemical formula defines the molecular structure of the crystal, most of the physical properties like color, tenacity, solubility are governed by Magnetite and Hematite chemical formula.
Another important criteria for qualitative analysis of gemstones is Magnetite and Hematite Specific gravity. Specific gravity is the relative density of a gemstone compared with respect to density of water. Gemologists use Magnetite and Hematite Optical Properties during the identification of gemstone. Specific gravity of Magnetite is 5.00-5.30 whereas that of Hematite is 5.00-5.30.