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ruby (n.)

"clear rich-red variety of corundum," c. 1300, from Old French rubi (12c.), from Medieval Latin rubinus lapis "red stone" (source also of Italian rubino), from Latin rubeus "red," related to ruber, from PIE root *reudh- "red, ruddy." As a color name from 1570s. As an adjective from late 15c. Modern French rubis is not explained; Klein suggests a plural mistaken for singular.

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Definitions of ruby from WordNet
1
ruby (n.)
a transparent piece of ruby that has been cut and polished and is valued as a precious gem;
ruby (n.)
a transparent deep red variety of corundum; used as a gemstone and in lasers;
ruby (n.)
a deep and vivid red color;
Synonyms: crimson / deep red
2
ruby (adj.)
of a color at the end of the color spectrum (next to orange); resembling the color of blood or cherries or tomatoes or rubies;
Synonyms: red / reddish / ruddy / blood-red / carmine / cerise / cherry / cherry-red / crimson / ruby-red / scarlet
From wordnet.princeton.edu