Page last updated at 14:02 GMT, Wednesday, 17 February 2010

The Wrekin Ruby 'will make company a profit'

Gem of Tanzania
The gem's 11m valuation was found to be a forgery in 2009

The new owners of a giant ruby, once valued at £11m but bought for £8,000, said they are confident they will make a profit from it.

The 'Gem of Tanzania' had been entered as an asset of Wrekin Construction in Shropshire to prop up its balance sheet.

When the firm folded in 2009, its valuation was found to be forged.

The gem was bought by the Network Group and will be cut up and sold off in smaller pieces.

We know we will get our money back. It's just a question of how much profit we are going to make
Tim Watts

The Network Group was a creditor of Wrekin Construction and bought the ruby from administrators Ernst and Young.

Mr Watts said: "Its a gamble, but a gamble based on £8,000 when there could be many millions of rubies in there."

He said he could see some very big rubies on the edge of the gemstone.

"We know we will get our money back. It's just a question of how much profit we are going to make."



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SEE ALSO
Ruby valued at 11m sold for 8k
16 Feb 10 |  Shropshire
BBC exposes truth behind 11m gem
19 Oct 09 |  Business
'Gem of Tanzania' put up for sale
01 Oct 09 |  Shropshire
Collapsed firm's gemstone found
20 Mar 09 |  Shropshire

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