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 element chromium. Its name comes from Latin for red. Other varieties of gem-quality corundum are called sapphires. It is considered one of the four precious stones, together with the sapphire, the emerald and the diamond. Improvements used include color alteration, improving transparency by dissolving rutile inclusions, healing of fractures (cracks) or even completely filling them.
Prices of rubies are primarily determined by color (the brightest and best "red" called Pigeon Blood Red, command a huge premium over other rubies of similar quality).