Can be cut with a chisel again to make red topaz bolt tips. Alternatively, it can be sold to Gabooty in Tai Bwo Wannai Village for trading sticks.
Notes:
You must have access to the Shilo Village (through the Shilo Village quest) to mine red topaz. You can also mine red topaz in the Tai Bwo Wannai Clean Up Minigame after hacking away at light, medium and dense jungle.