There are 8 different types of Rainbow Facets. They all have the same name but have different possible stats. Four of the Rainbow Facets are focused on an event happening when you die. The other four Rainbow Facets are focused on something happening when you level-up. The Rainbow Facets cover Fire, Cold, Lightning, and Poison.

Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 29 Blaze When You Level-Up Adds 17-45 Fire Damage +3-5% To Fire Skill Damage (varies) -(3-5)% To Enemy Fire Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 43 Frost Nova When You Level-Up Adds 24-38 Cold Damage, 0.12 sec Duration (Normal) +3-5% To Cold Skill Damage (varies) -(3-5)% To Enemy Cold Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 41 Nova When You Level-Up Adds 1-74 Lightning Damage +3-5% To Lightning Skill Damage (varies) -(3-5)% To Enemy Lightning Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 23 Venom When You Level-Up +37 Poison Damage Over 2 Seconds +3-5% To Poison Skill Damage (varies) -(3-5)% To Enemy Poison Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 31 Meteor When You Die Adds 17-45 Fire Damage +3-5% To Fire Skill Damage (varies) -(3-5)% To Enemy Fire Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 37 Blizzard When You Die Adds 24-38 Cold Damage, 0.12 sec Duration (Normal) +3-5% To Cold Skill Damage (varies) -(3-5)% To Enemy Cold Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 47 Chain Lightning When You Die Adds 1-74 Lightning Damage +3-5% To Lightning Skill Damage (varies) -(3-5)% To Enemy Lightning Resistance (varies) (Only Spawns In Patch 1.10 or later)
Rainbow Facet Jewel	Required Level: 49 100% Chance To Cast Level 51 Poison Nova When You Die +37 Poison Damage Over 2 Seconds +3-5% To Poison Skill Damage (varies) -(3-5)% To Enemy Poison Resistance (varies) (Only Spawns In Patch 1.10 or later)