An example of behavior where the correct ruby info appears not to be loaded.

.rvmrc

rvm use --create 1.9.3@foo
which bundle > /dev/null || gem install bundler --no-ri --no-rdoc
bundle check || bundle install

example.el

(rvm-activate-ruby-for
     (expand-file-name "~/src/foo")
     (progn (compile (concat "cd ~/src/foo && gem env"))))

output-from-example-el.log

-*- mode: compilation; default-directory: "~/src/foo/" -*-
Compilation started at Fri Apr  4 12:06:57

cd ~/src/foo && gem env
RubyGems Environment:
  - RUBYGEMS VERSION: 2.0.3
  - RUBY VERSION: 2.0.0 (2013-06-27 patchlevel 247) [universal.x86_64-darwin13]
  - INSTALLATION DIRECTORY: /Users/swittenkamp/.rvm/gems/ruby-1.9.3-p125@foo
  - RUBY EXECUTABLE: /System/Library/Frameworks/Ruby.framework/Versions/2.0/usr/bin/ruby
  - EXECUTABLE DIRECTORY: /Users/swittenkamp/.rvm/gems/ruby-1.9.3-p125@foo/bin
  - RUBYGEMS PLATFORMS:
    - ruby
    - universal-darwin-13
  - GEM PATHS:
     - /Users/swittenkamp/.rvm/gems/ruby-1.9.3-p125@foo
     - /Users/swittenkamp/.rvm/gems/ruby-1.9.3-p125@global
  - GEM CONFIGURATION:
     - :update_sources => true
     - :verbose => true
     - :backtrace => false
     - :bulk_threshold => 1000
     - :benchmark => false
     - :sources => ["http://rubygems.org/"]
  - REMOTE SOURCES:
     - http://rubygems.org/

Compilation finished at Fri Apr  4 12:06:57