Page last updated at 13:36 GMT, Thursday, 1 October 2009 14:36 UK

'Gem of Tanzania' put up for sale

Gem of Tanzania
Offers for the Gem of Tanzania close on 16 December

The "Gem of Tanzania", a 2kg ruby which was owned by a failed construction company, has been put up for sale.

The uncut stone was included as an £11m asset of Wrekin Construction. Creditors were later told the valuation was forged, but it was not clear who by.

The firm, based in Shifnal, Shropshire, made 500 people redundant in March.

Administrator Ernst & Young declined to comment on what the ruby was actually worth and said it would be sold by property consultant GVA Grimley.

The closing date for offers is 16 December.

Job losses

The administrator said the sale would be advertised in publications including Rock n Gem Magazine.

Details have also been circulated to all Wrekin Construction's creditors.

Wrekin Construction blamed cash flow problems when it collapsed in March.

The firm's administrators said it owed £20.7m.

Staff were made redundant in Shropshire, Yorkshire, Northamptonshire and Cheshire.



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