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I was looking into this too. A typical use-case would be to check if a message has a label, and create/apply it to the message if not. The Net::IMAP#list method gets all the labels, but still unsure how to reconcile which messages have a given label.
I added a way to rename and destroy labels in my fork just in case you want it... https://github.com/jasonwbarnett/ruby-gmail
I added these specifically in https://github.com/jasonwbarnett/ruby-gmail/commit/a3bb025b5e7d68e61a384a76a8441b30ba7447ab
I merge a PR in that should add this. I'll cut a gem version tonight.