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The word Ruby derives from the Latin term "Rubeus", meaning the red. Question: Rubies of a top quality are more rare and more valuable than Diamonds? Hardly a month has passed in the last 60 years without new Diamond deposits being discovered - something that definitely cannot be said about Rubies, which are mined only in a handful of locales worldwide! So enchanted were the ancient Hindus by Rubies, they considered them to be "Ratnaraj", or the "King of Precious Stones".