Transmute, v. t. [imp. & p. p. Transmuted; p. pr. & vb. n. Transmuting.]
Etymology: [L. transmutare, transmutatum; trans across + mutare to change. See Mutable, and cf. Transmew.]
To change from one nature, form, or substance, into another; to transform. The caresses of parents and the blandishments of friends transmute us into idols. Buckminster. Transmuting sorrow into golden joy Free from alloy. H. Smith.
Shades of meaning
Fernald has no entry of its own for transmute; he lists it under change.
Where he writes about it:
To transmute is to change the qualities while the substance remains the same; as, to transmute the baser metals into gold. — from change
To transform is to change form or appearance, with or without deeper and more essential change; it is less absolute than transmute, tho sometimes used for that word, and is often used in a spiritual sense as transmute could not be; "Be ye transformed by the renewing of your mind," Rom. xii, 2. — from change
To turn is a popular word for change in any sense short of the meaning of exchange, being often equivalent to alter, convert, transform, transmute, etc. — from change