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With colored gems, value begins with rarity. The rarer the gem the more valuable it is. Ruby is the rarest gem, followed closely by diamond, emerald and sapphire. For color gemstones, "color" is always the second most important factor. A .50ct pigeon-blood red (yes, that's what it's called) ruby is rarer and more valuable then a pinkish-red .75ct ruby.) Size/ct weight is the next consideration, so if the gem and color are identical, the larger one is usually more valuable. Cut and clarity are also important and differ depending on the specimen. For example, (just like diamonds) ruby and sapphire with fewer clarity characteristics are rarer. Emeralds (because they have a different chemical make-up) always have internal marks, (which identify them as natural and are used to distinguish them from others,) and thus can command a premium, based on their overall appearance.