A ruby is a pink to blood-red colored gemstone, a variety of the mineral corundum (aluminium oxide). The 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 most valuable "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 may indicate that the stone has been treated. Cut and carat (weight) are also an important factor in determining the price.

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 strongly affects each Cr³⁺, resulting in light absorption in the yellow-green region of the spectrum and thus in the red color of the gem. When yellow-green light is absorbed by Cr³⁺, it is re-emitted as red luminescence. This red emission adds to the red color 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 694-nanometer photons reflecting back and forth between two mirrors, the emission grows strongly in intensity. This effect was used by Theodore Maiman in 1960 to make the first successful laser, based on ruby.