The intestines of Vala were taken by the celestial serpent Vasuki, who deposited them in oceans around the globe. They transformed into the original seed of coral which grow within the seas.
The best coral is colored either blood-red or pink-red. Other colors are dull-red, orange, pink, pink-orange, white, and dark brown.
A well polished, bright coral with rich, soothing dark-red colors and without flaws is considered most auspicious. It possesses power to increase the riches and wheat supplies of its wearer and also removes obstacles and dangers. --- Sri Garuda Puranam: Chap: 80