The very finest, top quality ruby is so rare that it has been the world's most valued gemstone for thousands of years. In fact, even today, flawless top quality rubies are more valuable and rare than top quality colorless diamonds. A 16 carat ruby sold at auction for US$227,301 per carat at Sotheby's in 1988. A 27.37 carat Burmese ruby ring sold for US$4 million at Sotheby's in Geneva in May 1995, or $146,145 per carat. A 32 carat ruby sold for US$144,000 per carat at Sotheby's in 1989. In contrast, eight D-color internally flawless diamonds over 50 carats were sold in the past 9 years and the largest, a pear-shape of 102 carats, fetched a mere US$125,000 per carat. Top rubies are so rare even the world's top gem dealers must incessantly comb through wealthy estate sales and auctions to find them. Clean bright stones in sizes above five carats are particularly rare.

Ruby is the gem quality form of the mineral corundum, and one of the most durable minerals which exists, a crystalline form of aluminum oxide. Corundum has a hardness of 9 on the Mohs scale and is also extremely tough. In its common form, corundum is even used as an abrasive. Colors of Corundum other than red are known as Sapphire. The element Chromium is responsible for the red color of this gem, but too much Chromium can actually turn corundum emerald green in color. Heat treatment is very common in ruby gemstones (as is true for all forms of corundum) and is used to dissolve "silk" inclusions, which results in a more transparent, more intensely colored stone. The heat treatment is considered permanent and does not usually detract from the value of the stone.
The most famous source of fine rubies is Burma, which is now called Myanmar. The ruby mines of Myanmar are older than history: stone age and bronze age mining tools have been found in the mining area of Mogok. Rubies from the legendary mines in Mogok often have a pure red color, which is often described as "pigeon's-blood" although that term is more fanciful than an actual practical standard in the trade today. Myanmar also produces intense pinkish red rubies which are also vivid and extremely beautiful. Many of the rubies from Burma have a strong fluorescence when exposed to ultraviolet rays like those in sunlight, which layers on extra color. Burma rubies have a reputation of holding their vivid color under all lighting conditions.

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