There are so many variables when pricing a ruby that your question does not have a simple answer.
When it comes to gold all you need is the weight and the carat strength to get your price. And with gold your price will change on a daily basis because the price of gold changes daily.
As for rubies color is the biggest determining factor for quality. A deep red color being best. Clarity or brilliance is important. Rubies can be much more expensive than diamonds. Nature makes every stone unique which is why you can't just put a price tag on precious stones.
Where an ounce of gold is $1657 on 8/29/2012, the price of a 1 carat mediocre ruby could be about the same depending on the seller and what he/she paid for the stone. When pricing jewelry it is best to shop around.
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14karat
No. They mean the same thing.
i have a julius 10k gold ring with black onyx
14 Karat gold is more expensive, so to some it might be considered "better", but 10 Karat gold is more durable, so will scratch/bend less and could possibly last longer.
More expensive