It was a many faceted white jewel of considerable size.
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The Arkenstone was a great white gem of brilliant translucency. Also called 'The Heart of the Mountain'. It was the most prized possession of the Dwarf-kings of Erebor.
The Arkenstone is the jewel of main focus in The Hobbit, and it's a prized treasure among the dwarves.
It is the most prized jewel of the Dwarves
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He was entombed under the Lonely Mountain. He was laid to rest with his sword and the Arkenstone.
Bilbo hides the Arkenstone from the dwarves because he knew each one was greedy for the Arkenstone and they might kill each other or harm others for it.