Spectrolite is a trade name for labradorite from Ylämaa in south-eastern Finland, where the material shows an unusually complete range of flash colours — including the reds and oranges that ordinary labradorite rarely produces, on a characteristically dark, near-black body.
The name is a locality designation rather than a separate mineral, and that matters for buying: spectrolite is labradorite, and the premium is for the intensity and range of the flash plus the Finnish origin. There is no physical test that proves locality, so the claim rests on the seller.
What can be judged is the quality of the effect. Good spectrolite shows several distinct colours across one stone, strong saturation, and coverage across most of the face rather than a narrow stripe. A dark stone with a single narrow blue flash is ordinary labradorite whatever it is called.