£11 MILLION GEM OF TANZANIA SELLS FOR £8,010 AFTER BEING PROVED TO BE A FAKE

A GIANT RUBY ONCE VALUED AT £11 MILLION HAS RECENTLY SOLD FOR JUST A FRACTION OF THE PRICE AFTER DOCUMENTS PROVED IT WAS A FORGERY. THE 10,700 CARAT GEM OF TANZANIA, ONCE BELIEVED TO BE THE LARGEST RUBY IN THE WORLDS, WAS SOLD FOR JUST £8,010 BY ADMINISTRATORS ERNST & YOUNG. THE ROCK ONCE UNDERPINNED THE BALANCE SHEET OF SHROPSHIRE FIRM WREKNI CONSTRUCTION AND WAS LISTED AS AN £11 MILLION ASSET BY THE COMPANY'S OWNER DAVID UNWIN. BUT AFTER THE COMPANY COLLAPSED LAST SPRING, THE ESTIMATED VALUE OF THE 4.41lb PURPLE ROCK DROPPED TO AS LITTLE AS £100. SOME VALUE COULD BE RECOUPED IF THE GEM IS BROKEN UP TO RELEASE SMALLER RUBIES INSIDE, BUT IN ITS CURRENT FORM IT IS SIMPLY A LUMP OF ANYOLITE, A PRACTICALLY WORTHLESS GRADE OF RUBY. THE GEM WAS SOLD OFF BY ADMINISTRATORS LAST WEEK IN AN ATTEMPT TO RECOUP SOME OF WREKIN'S £40 MILLION DEBTS TO THEIR 1,000 CREDITORS. IT WAS BOUGHT BY NETWORK GROUP HOLDINGS WHOSE NETWORK CONSTRUCTION SERVICES IN TELFORD ARE OWED SEVERAL HUNDRED THOUSAND POUNDS BY WREKIN.

UNWIN PURCHASED THE COCONUT-SIZED STONE FOR £300,000 AND IT WAS SUPPOSEDLY VALUED AT £11 MILLION BY THE INSTITUTI GEMMOLOGICO ITALIANO IN 2007. BUT LAST YEAR AN INVESTIGATION REVEALED THE RUBY, WHICH IS BELIEVED TO BE CURSED, WAS PRACTICALLY WORTHLESS AND ITS VALUATION WAS FORGED. THE STONE WAS PREVIOUSLY OWNED BY TREVOR MICHAEL HART JONES, A SOUTH AFRICAN BUSINESSMAN CONVICTED OF ILLEGAL DIAMOND TRADING. THE NOTORIETY OF THE STONE ATTRACTED 60 CLOSED BIDS BEFORE THE 16.DECEMBER DEADLINE AND THE SALE WAS CONFIRMED LAST WEEK. THE NEW OWNERS BELIEVE THE GEM OF TANZANIA WAS A BARGAIN AND MAY STILL FETCH UP TO £2 MILLION WHEN IT'S BROKEN INTO SMALLER GEMS BY A SKILLED JEWELER. THE GEM'S TRUE VALUE WILL REMAIN A MYSTERY UNTIL IT IS CARVED INTO A COLLECTION OF SMALLER STONES AND OFFICIALLY VALUED.