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Like I stated +2 Production, +2 Happiness and +2 Gold is extremely powerful in the beginning of the game.
Gems give 4+ happiness like every other luxury resource.
It only gives 3 extra gold by itself as well, any extra production is from it being on a hill + a mine.
3 gold is the most gold any luxury resource gives so it is great in that regard, however Gold and Silver can surpass it by being worth 4 gold with a Mint built (2 base + 2 from Mint) although waiting till currency vs having 3 gold straight up is a trade off.