the refined one is processed, stripped if you will, to an extent, so all the natural properties are not in tact. I have tried both and the unrefined is sooooooooooooo rich, its unbelievable.
Avocado Oil Persea americana Although it is usually classed as a vegetable oil, the avocado is really a fruit since it has a stone - but none-the-less it can yield a staggering 30% oil by weight, which is expressed from the fruit, and in its crude form is a great oil to use as a carrier when performing aroma therapy massage. The crude oil is greenish yellow in color as it still contains some chlorophyll and is classified as a mono-unsaturated oil. The aroma is somewhat sweet, fatty and nutty in medium intensity. It works well to nourish and moisturize dry or mature skin. It contains many nutrients including vitamins A, D and E. It is often used for clients with dry or mature skins, or people suffering from eczema or psoriasis and similar skin complaints, and it is very useful when treating sun or climate damaged skin that is dehydrated and under nourished as it is said to help with the regenerating of the skin and softening of the tissue.
Although it can be used pure, it is, in most cases mixed with another carrier, such as Avocado, or Grapeseed to make up at around 10% of the total carrier mixture. It is easily absorbed into the skin and deep tissue, and has wonderful emollient properties, Making it excellent for use in all massage blends, lotions and soaps and creams etc.. Refined Avocado oil is yellow to yellowish-green in color and is lighter than unrefined Avocado oil. Unrefined Avocado contains more of the Avocado fruit, is dark green in color and heavier. As it contains more of the fruit, its beneficial properties are greater than the refined oil.
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http://www.mountainroseherbs.com/learn/oilprofile/avocado.php