It's name is due to the main source for the mineral, Labrador, Canada. It is known by it's iridescence sometimes referred to as it's Labradorescence. The amount present in any piece is directly related to the value of the stone.
Labradorite is said to grant it's possessor intellectual clarity. This in turn help's one to reach inner peace and boosts patience. This mysteriously shiny gemstone is said to help one recognize the "Right Time."
This stone also represents the spiritual sides of the sun and the moon.