The museum was founded by Joseph Lizzadro, an Italian immigrant to the United States who began collecting jades as part of his interest in cutting and polishing precious stones for jewelry.

His collection came to include pieces made of amber, ivory, coral, agate, and other gemstones.

[3][4] In 2017, the museum made plans to move from Elmhurst to a new building in Oak Brook, Illinois, to gain space and provide more modern amenities to visitors.

[5] This move occurred in November of 2019, but, due to the COVID-19 pandemic, it was closed to the public for most of 2020.

[7] However, the museum also displays a selection of uncarved gemstones, fossils, and other minerals, as well as sculptures, mosaics, dioramas, and a miniature castle made of carved stone and gold called "Castle Lizzadro" by William Tolliday.