Add red syrup (or substitute with beetroot juice) to a mixing bowl.
Soak diced water chestnuts in the red syrup for 30 minutes until
water chestnuts resemble the color of rubies.
Add tapioca flour to a mixing bowl. Toss water chestnuts in the
tapioca flour until evenly coated. Sift off excess flour.
In a large saucepan, bring water to a boil over high heat. Add the
coated water chestnuts to the saucepan, stir and separate the
water chestnuts to prevent them from sticking together while
cooking. Remove water chestnuts that float to the surface when
cooked and soak them in ice or cold water to cool down.
Mix together coconut milk and sugar until well blend to make coconut milk syrup.
To serve, spoon rubies into small bowls, add crushed ice and pour
in coconut milk syrup. Add shredded jackfruit, shredded young
coconut or palm seeds, which are sold in Asian markets, to jazz up
your Thai dessert.