In Sanskrit ruby is ratnaraj, king of gems, and in jyotisha it is manikya, the stone of Surya, the Sun, and the first of the navaratna. That is a substantial and consistent tradition, and it is the source of most of the ruby lore that reaches Western books at second hand.
The Western material is messier, for the reason that runs through all of this: the names are unreliable. Before mineralogical analysis, red stones were sorted by appearance, and ruby, red spinel and garnet were not reliably distinguished. The consequences are concrete and sometimes spectacular. The Black Prince's Ruby in the British Imperial State Crown is a spinel. The Timur Ruby is a spinel. Balas ruby, a term that appears throughout medieval and early modern inventories and refers to material from Badakhshan, means spinel. Spinel was not recognised as a separate species until the late eighteenth century, and any red stone named in a source earlier than that should be treated as unidentified until examined.
This affects the correspondence literature directly. Where a medieval lapidary assigns virtues to carbunculus or to ruby, there is no way to know which mineral was in front of the writer, and the virtues attributed (protection in battle, staunching of blood, warning of danger by darkening), attach to redness rather than to a species.
Agrippa's Behenian list pairs Aldebaran with ruby or garnet, treating the two as alternatives, which is a Renaissance author acknowledging exactly this uncertainty rather than resolving it.
Ruby is the July birthstone on the 1912 trade list.