Fancy, if you believe in what I believe in
Then we'll be the same, always
Fancy, just look around thee
If you will fancy all the girls you see, always
My love is like a ruby that no one can see
Only my fancy, always
No one can penetrate me
They only see what's in their own fancy, always
It's about how the person's soul has no gender and that real spiritual love makes two people the same in spirit, regardless of their gender. I think that's what the first verse is about.
I think it's saying that everyone has this core to them which is indentical to everyone else's core, but that's not what we see when we look at someone. We just see what's in our own fancy, which means we just see what we want to see, unless we really love a person.
Mind you, that's a lot of meaning to fit into a little song like this, primarily it's just Ray trying to write something Indian sounding. I think the lyrics just came up by accident while he was trying to get a hypnotic raga sound. Despite that, I still think the lyrics have some kind of meaning, even if it's not the main point of the song.