Interesting that Madeleine is wearing her mother Queen Silvia's bracelet - I thought so but hadn't found a good pic yet. I believe the stones are rubies indeed as Silvia has actually worn the bracelet several times with her other rubies, both with the Edward VII ruby tiara and her modern ruby set.
Seen in Portugal in 2008:
--Previous Message-- : on her right wrist, she wore Queen Silvia's : Ruby/garnet? diamond bracelet... : : The reason I said possibly granet, I have : never seen QSilvia wear it with her other : ruby pieces...so it must be a different : stone. : : :