A ruby is a pink to blood-red colored gemstone, a variety of the mineral corundum (aluminium oxide). Other varieties of gem-quality corundum are called sapphires. Ruby is one of the traditional cardinal gems, together with amethyst, sapphire, emerald, and diamond. The word ruby comes from ruber, Latin for red. The color of a ruby is due to the element chromium.

Some gemstones that are popularly or historically called rubies, such as the Black Prince's Ruby in the British Imperial State Crown, are actually spinels. These were once known as "Balas rubies".

The quality of a ruby is determined by its color, cut, and clarity, which, along with carat weight, affect its value. The brightest and most valuable shade of red called blood-red or pigeon blood, commands a large 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 may indicate that the stone has been treated. Ruby is the traditional birthstone for July and is usually pinker than garnet, although some rhodolite garnets have a similar pinkish hue to most rubies. The world's most valuable ruby is the Sunrise Ruby.

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 moissanite falling somewhere in between corundum (ruby) and diamond in hardness. Sapphire, ruby, and pure corundum are α-alumina, the most stable form of Al2O3, in which 3 electrons leave each aluminium ion to join the regular octahedral group of six nearby O2− ions; in pure corundum this leaves all of the aluminium ions with a very stable configuration of no unpaired electrons or unfilled energy levels, and the crystal is perfectly colorless.

When a chromium atom replaces an occasional aluminium atom, it too loses 3 electrons to become a chromium3+ ion to maintain the charge balance of the Al2O3 crystal. However, the Cr3+ ions are larger and have electron orbitals in different directions than aluminium. The octahedral arrangement of the O2− ions is distorted, and the energy levels of the different orbitals of those Cr3+ ions are slightly altered because of the directions to the O2− ions.[5] Those energy differences correspond to absorption in the ultraviolet, violet, and yellow-green regions of the spectrum.

Transmittance of ruby in optical and near-IR spectra. Note the two broad violet and yellow-green absorption bands and one narrow absorption band at the wavelength of 694 nm, which is the wavelength of the ruby laser. 

If one percent of the aluminium ions are replaced by chromium in ruby, the yellow-green absorption results in a red color for the gem.[5] Additionally, absorption at any of the above wavelengths stimulates fluorescent emission of 694-nanometer-wavelength red light, which adds to its red color and perceived luster. 

After absorbing short-wavelength light, there is a short interval of time when the crystal lattice of ruby is in an excited state before fluorescence occurs. If 694-nanometer photons pass through the crystal during that time, they can stimulate more fluorescent photons to be emitted in-phase with them, thus strengthening the intensity of that red light. By arranging mirrors or other means to pass emitted light repeatedly through the crystal, a ruby laser in this way produces a very high intensity of coherent red light.

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. These days, almost all rubies are treated in some form, with heat treatment being the most common practice. Untreated rubies of high quality command a large premium.

Some rubies show a three-point or six-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.

Generally, gemstone-quality corundum in all shades of red, including pink, are called rubies. However, in the United States, a minimum color saturation must be met to be called a ruby; otherwise, the stone will be called a pink sapphire. Drawing a distinction between rubies and pink sapphires is relatively new, having arisen sometime in the 20th century. Often, the distinction between ruby and pink sapphire is not clear and can be debated. As a result of the difficulty and subjectiveness of such distinctions, trade organizations such as the International Colored Gemstone Association (ICGA) have adopted the broader definition for ruby which encompasses its lighter shades, including pink.

Historically, rubies have also been mined in Thailand, in the Pailin and Samlout District of Cambodia, as well as in Afghanistan, Australia, Brazil, Colombia, India, Namibia, Japan, and Scotland; after the Second World War ruby deposits were found in Madagascar, Nepal, Pakistan, Tajikistan, Tanzania, and Vietnam.

The Republic of North Macedonia is the only country in mainland Europe to have naturally occurring rubies. They can mainly be found around the city of Prilep. Macedonian rubies have a unique raspberry color. The ruby is also included on the Macedonian coat of arms. A few rubies have been found in the U.S. states of Montana, North Carolina, South Carolina and Wyoming.

Spinel, another red gemstone, is sometimes found along with rubies in the same gem gravel or marble. Red spinels may be mistaken for rubies by those lacking experience with gems. However, the finest red spinels can have values approaching that of an average ruby.

    The Smithsonian's National Museum of Natural History in Washington, D.C. has some of the world's largest and finest ruby gemstones. The 23.1-carat (4.62 g) Burmese ruby, set in a platinum ring with diamonds, was donated by businessman and philanthropist Peter Buck in memory of his late wife Carmen Lúcia. This gemstone displays a richly saturated red color combined with an exceptional transparency. The finely proportioned cut provides vivid red reflections. The stone was mined from the Mogok region of Burma (now Myanmar) in the 1930s.

 In 2007 the London jeweler Garrard & Co featured on their website a heart-shaped 40.63-carat ruby. On December 13/14, 2011 Elizabeth Taylor's complete jewellery collection was auctioned by Christie's. Several ruby-set pieces were included in the sale, notably a ring set with an 8.24 ct gem that broke the 'price-per-carat' record for rubies ($512,925 per carat, i.e. over $4.2 million in total), and a necklace that sold for over $3.7 million.

    The Liberty Bell Ruby is the largest mined ruby in the world. It was stolen in a heist in 2011. The Sunrise Ruby is the world's most expensive ruby, most expensive coloured gemstone, and most expensive gemstone other than a diamond. In May 2015, it sold at auction in Switzerland to an anonymous buyer for US$30 million.

 A synthetic ruby crystal became the gain medium in the world's first optical laser, conceived, designed and constructed by Theodore H. "Ted" Maiman, on 16 May 1961 at Hughes Research Laboratories. The concept of electromagnetic radiation amplification through the mechanism of stimulated emission had already been successfully demonstrated in the laboratory by way of the maser, using other materials such as ammonia and, later, ruby, but the ruby laser was the first device to work at optical (694.3 nm) wavelengths. Maiman's prototype laser is still in working order.

An early recorded transport and trading of rubies arises in the literature on the North Silk Road of China, wherein about 200 BC rubies were carried along this ancient trackway moving westward from China. Rubies have always been held in high esteem in Asian countries. They were used to ornament armor, scabbards, and harnesses of noblemen in India and China. Rubies were laid beneath the foundation of buildings to secure good fortune to the structure.

Some other sources explain that the Indian culture worships rubies to be the "gemstone of the sun", leader of the nine planets.