Abstract: Gemstone grading method including illuminating the gemstone by light having a plurality of spectral components, each modulated according to a spectrally specific modulation (e.g., of intensity, frequency, phase), collecting the light following interaction with the gemstone, extracting from the collected light a set of intensity values for a respective set of modulation parameter values to provide a transmittance spectrum, and an output indicative of the transmittance spectrum (e.g., color, clarity, fluorescence grade).