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DPS comes from the following components: weapon damage, dex, critical hit chance, critical hit damage, attack speed, +average damage (from jewellery), +elemental damage modifiers (such as what you find in WKL or Inna's belt).
If you want to see the math behind the DPS calculations, check out the following website for an explanation: http://www.clicktoloot.com/p/combat.html -- this may help further your understanding of DPS calculations and in turn, could help in gearing decisions.
In terms of approaches, you can go with weapons with high native ChD and open socket with moderate weapon damage, or high weapon damage, low / no native ChD and open socket (with open sockets filled with best emerald you can reasonably afford). ChC, IAS, and dex are all critical in the process too. High native dex in weapons are often overlooked, so it's worth looking into as well.
Biggest favour you can do for yourself is to import your profile into d3up.com to do better analysis on your monk. Use it to evaluate future gearing decisions - this can save you lots of gold down the road.
Oh, and make sure you visit http://us.battle.net/d3/en/forum/topic/7415793376 for links to many other useful threads and sites.
Edited by Nameless#1537 on 1/13/2013 1:15 AM PST
Not quite. See this post:
Rubies are still adding to average damage, they are just saying that the effects of the increased average damage will be felt more by players with higher attack speeds. I'm not sure if that would give me enough reason to switch to rubies over emeralds. 200% ChD (in both weapons) may be hard to give up for most monks who are ChC dependent.
With that said, changes in this new patch (with increased damage from spirit spenders) may open up for different playstyles that may allow for folks to play with different builds. I don't think we can necessarily predict the impact of that until they drop the patch in PTR.
This could lead to a drop in emerald prices if rubies will be as competitive of an alternative as they hope that it would be.
This does not change the general point of the weapon search -- it will always be preferred to have a weapon with open socket than without. At the very least, it will give you some flexibility on how you choose to use that slot (be it for +ChD or +AD... i generally don't consider the other options).
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