Ambergris, also called Ambre gris or Grey Amber is a substance, formed in the stomach or intestine of the cachalot or spermwhale. It is conceivable that ambergris is the result of a pathological condition caused by irritation of the whale's stomach due to certain indigestible particles in the whale's food. It is one of the few natural perfumery raw material which cannot be cultivated. Ambergris is a pale greyish or creamy yellow to brown or dark brown waxy solid mass. On ageing, the ambergris lightens in colour, particularly when exposed to daylight and salt water. Consequently, you have different grades of ambergris.

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DEFINITION of AMBERGRIS by WIKIPEDIA:
Ambergris (Ambra grisea, Ambre gris, ambergrease, or grey amber) is a solid, waxy, flammable substance of a dull grey or blackish color, with the shades being variegated like marble. It possesses a peculiar sweet, earthy odor similar to isopropyl alcohol. Now largely replaced by synthetics, it is occasionally still used as a fixative in perfumery.
Ambergris was also molded, dried, decorated and worn as jewellery, particularly during the Renaissance. It was often formed into beads.