I tried out some different values of IOR and some different colors and came up with this render: http://www.youtube.com/watch?v=z9kEZtA9HLQ
I know it spins pretty fast, but I didn't felt anything to change it (ye I know I'm lazy
IOR of 2.5 for the diamond, 2 for the ruby and 3 for the saphires. Rendering toke all day: 7 hours in total with AA 16. Rendered 48 frames and looped them 5 times. I think the effect in amazing, it's the most realistic movie I ever made that's for sure. Ofcourse don't forget to watch the movie in high quality.