As a blanket statement, it would probably not be accurate.
Diamonds, I think, were formed a long time ago and millions of years might be accurate. Many other gemstones are more recent.
Eons ago, or ages ago might be more accurate and sound more poetic. "Eons" and "ages" are both defined as indefinite long periods of time. See
http://www.yourdictionary.com/eon.
Volcanic (igneous) rocks are formed relatively recently in some parts of the world. Many gemstones are crystals. Crystals continue to grow as long as the right conditions exist.
I almost forgot about pearls and corals. These and other organic "gems" are very recent when compared to diamonds.
Some research with a good geology textbook might help you understand which stones are formed in which eras.
It's hard to write good copy that is both accurate and compelling. Some amount of puffery is expected but too much is off putting. We struggle with it at R&T because we want to be accurate but too many accurate details can be boring or overwhelming. Thanks for raising this interesting question!