They're not bogus stones. No need for that. Non-gem grade sapphires, rubies or diamonds are abundant and cheap. The
idea is stupid.
As for modern, I collect some because I enjoy it but I am all about the visuals. If the card is FUGLY I don't care if they glue a chunk of the holy grail to it, I ain't buying. That Gehrig in the OP is a particularly crappy looking one. Some modern sets are pretty interesting with intricate cuts, non-traditional materials, etc.
This one seems appropriate for the season:
