Alchemists once thought a key component in creation of the stone was a mythical element named carmot.
Alchemy itself is mostly an original concept and science practiced in the ancient Near East, Egypt, Greece, and India. However, the concept of ensuring youthful health originated in China.
The 8th-century Arab alchemist Jabir ibn Hayyan analysed each classical element in terms of the four basic qualities of hotness, coldness, dryness, and moistness. Fire was both hot and dry, earth cold and dry, water cold and moist, and air hot and moist. He further theorized that every metal was a combination of these four principles, two of them interior and two exterior. From this premise, it was reasoned that the transmutation of one metal into another could be effected by the rearrangement of its basic qualities. This change would presumably be mediated by a substance, which came to be called al-iksir in Arabic (from which the Western term elixir is derived). It is often considered to exist as a dry red powder (also known as al-Kibrit al-Ahmar الكبريت الأحمر—red sulphur) made from a legendary stone—the philosopher's stone.
In the 11th century, there was a debate among Muslim chemists on whether the transmutation of substances was possible. A leading opponent was Avicenna, who discredited the theory of transmutation of substances:
Philosophers Stone