It's hard to say. The surest condition for playing it for high damage, increasing your own Magic substantially, also makes it easy to afford playing. Drawing it when your Magic is at its base value and not going to get any higher means that even if you do get enough gems, it's not going to be worth the cost. Having (or stealing) it when your opponent has increased his Magic makes this card very interesting.
It's impressive under the right conditions and underwhelming most other times. Sounds like a balanced Rare to me. Disappointing draw due to Dragon keyword in most cases, but must-have for decks boosting Magic.