A Ruby is a pink to blood-red gemstone, a variety of the mineral corundum (aluminium oxide). The common red color is caused mainly by the presence of the element chromium. Its name comes from ruber, Latin for red. Other varieties of gem-quality corundum are called sapphires. The ruby is considered one of the four precious stones, together with the sapphire, the emerald, and the diamond.

Prices of rubies are primarily determined by color. The brightest and best "red" called pigeon blood-red, commands a huge premium over other rubies of similar quality. After color follows clarity: similar to diamonds, a clear stone will command a premium, but a ruby without any needle-like rutile inclusions will indicate that the stone has been treated one way or another. Cut and carat (size) also determine the price.

Physical properties

Rubies have a hardness of 9.0 on the Mohs scale of mineral hardness. Among the natural gems only moissanite and diamond are harder, with diamond having a Mohs hardness of 10.0 and moissonite falling somewhere in between corundum (ruby) and diamond in hardness. Ruby is α-alumina (-the most stable form of Al₂O₃) in which a small fraction of the Aluminum³⁺ ions are replaced by Chromium³⁺ ions. Each Cr³⁺ is surrounded octahedrally by six O^2- ions. This crystallographic arrangement compresses each Cr³⁺. Consequently, this compression shifts light absorption towards the green and violet regions of the spectrum and is responsible for the red color of the gem. Also, photon crossing within the gem system occurs in a few picoseconds or less, and red 627 nanometer phosphorescence occurs. This red emission adds to the red colour perceived by the subtraction of green and violet light from white light, and adds luster to the gem's appearance. When the optical arrangement is such that the emission is stimulated by 627 nanometer photons reflecting back and forth between two mirrors, the emission grows strongly in intensity. This stimulated emission in a resonant cavity is the process used by Theodore Maiman in the first successful LASER (in 1960) based on ruby.

All natural rubies have imperfections in them, including color impurities and inclusions of rutile needles known as "silk". Gemologists use these needle inclusions found in natural rubies to distinguish them from synthetics, simulants, or substitutes. Usually the rough stone is heated before cutting. Almost all rubies today are treated in some form, with heat treatment being the most common practice. However, rubies that are completely untreated but still of excellent quality command a large premium.

Some rubies show a 3-point or 6-point asterism or star. These rubies are cut into cabochons to display the effect properly. Asterisms are best visible with a single-light source, and move across the stone as the light moves or the stone is rotated. Such effects occur when light is reflected off the silk (the structurally oriented rutile needle inclusions) in a certain way. This is one example where inclusions increase the value of a gemstone. Furthermore, rubies can show color changes — though this occurs very rarely — as well as chatoyancy or the "cat's eye" effect.