Alchemy is the ancient practice of attempting to transform base metals into gold and was the forerunner of modern chemistry. It was practiced in the Middle East, India, and China, and was later adopted by the Greeks and Romans. ALCHEMY was based on the belief that there were four elements - earth, air, fire, and water - and that these could be combined to create new substances. ALCHEMY was an important part of the development of modern chemistry, as it laid the groundwork for the understanding of chemical reactions and the use of laboratory equipment.