While bearing jewels do reduce wear and greatly increase the life of a watch movement, their main purpose is to reduce friction and thereby increase accuracy.
Although other materials have been used, virtually all bearing jewels are rubies. Nowadays they are made of synthetic rubies, which work just as well. To my knowledge Poljot is the only company that still uses natural rubies.
The actual cost of the stones is negligible, adding perhaps a few cents to the cost of a movement.
Depending on the architecture of the movement you can have more than 21 functional jewels, and the Swiss watch industy actually has strict rules as to how a stone has to be used to be called a "Jewel" in order to prevent manufacturers from putting useless stones in the movement in order to "out jewel" the competition. There was a time before these rules existed that it was possible to see watches with 50 or even 100 jewels, with maybe twenty of them being useful and the others just used as decoration.