What is alchemy?

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Though in making artificial diamonds, they aren’t actually changing the element. They are still using carbon but changing the form to diamond. Which, requires the intense heat and pressure as they are naturally made. Still energy intensive, but nowhere near as much as trying to change elements.
 
Actually, used nuclear fuel contains a treasure-trove of precious metals (particularly ruthinium, rhodium and palladium), which would be a significant revenue source for reprocessors. However, the regulatory environment and a lack of demand for mixed-oxide fuel inhibits reprocessing.
 
Up to what I know alchemy is about people trying to create a philosopher stone in order to obtain power equal to God, which is evil. I’m I right or is there more to it?
 
Your answer has been the clearest I’ve gotten do far. Thank you.
 
Some tried to find an “elixer of life” to obtain immortality in this life–that would be problematic. Simply trying to transmutate metal would be morally neutral. St. Thomas even said gold derived from alchemy could be sold as real gold if it had the same properties in the article in the Summa on cheating:
Gold and silver are costly not only on account of the usefulness of the vessels and other like things made from them, but also on account of the excellence and purity of their substance. Hence if the gold or silver produced by alchemists has not the true specific nature of gold and silver, the sale thereof is fraudulent and unjust, especially as real gold and silver can produce certain results by their natural action, which the counterfeit gold and silver of alchemists cannot produce. Thus the true metal has the property of making people joyful, and is helpful medicinally against certain maladies. Moreover real gold can be employed more frequently, and lasts longer in its condition of purity than counterfeit gold. If however real gold were to be produced by alchemy, it would not be unlawful to sell it for the genuine article, for nothing prevents art from employing certain natural causes for the production of natural and true effects, as Augustine says (De Trin. iii, 8) of things produced by the art of the demons.
(note the final reference is not intended to imply alchemy is an art of demons, but rather using an extreme example described by St. Augustine to show that even things that appear to be “created” by a person or even a demon are actually ultimately created by God).
 
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As an aside, there is a ‘Father Brown’ episode called, ‘The Alchemist’s Secret’ and it was a good one. Father Brown (as usual) resolved the riddle and solved the mystery.
 
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