Red
(also orange, purple)
Good
Dodge rating (avoidance)
Parry rating (avoidance)
Agility (avoidance, tiny bit of mitigation, some crit)
Strength (threat, some mitigation)
Expertise rating(some threat, some avoidance)
Bad
Attack Power (always worse than strength)
Spell Power (even worse than attack power)
Armor Penetration Rating (only affects white damage threat and damage, which is tiny)
Red gems can have some useful stats for tanks, but there are no crucial red stats as there are for yellow (defense, hit) or blue (stamina). Strength can be handy for threat generation, but it's secondary in importance to hit, and the block value provided by strength is a fairly inefficient way to boost mitigation. For most tanks (as of the early stages of WotLK anyway), red gems are practically never used, and orange/purple gems are only used to activate socket bonuses.
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