Magic has some capability and plenty of scope for 3D files including relighting (sort of), textures, colourisation etc. but, currently, doesn't support more sophisticated materials. One of these is transparency. If you try to create a transparent object in your 3D application it will come in as a solid to Magic. If you apply transparency to the object the whole object is treated as a bitmap - you can see through it but not into it. But what if you want to create more appealing (IMO) objects with transparency, perhaps like this:
Simply choose to Colorize the object and then add a Color module with some level if Alpha and Brightness less than 1.0. There is no refraction or diffraction, of course, but this adds another dimension
![Wink ;)](./images/smilies/icon_e_wink.gif)
It works with all 3D objects but there's an nice facetted look on low-poly. If you do a little 3d composition inside Magic you can have partial transparency. Try it!