Why do rubies from India have such a low value?
It is mostly because that they are of very low quality.
It’s because they are crap.
Heated, dyed, and glass-filled
Unfortunately, and although India has a historical reputation as a gem producing and gem cutting nation, the Indian government allows rogue and counterfeit operators to peddle crap imitation or doctored stones to the world often with bogus certificates. (This doesn’t happen with Indian gold or very rarely.) This means that cheap Indian stones get into the market place and on sites such as Etsy. So, if it looks like a fabulous bargain then it probably came from India.