First photo of the Wrekin 'ruby' revealed

A photo of the fabled Gem of Tanzania, an £11m 'investment' in collapsed contractor Wrekin Construction two years ago, has finally surfaced.

The mysterious stone turned up at administrator Ernst & Young's offices on Friday, though it seems highly unlikely that it is worth the £11m originally claimed.

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The grainy photo below is believed to have been taken from a valuer's catalogue. It shows the 2kg Gem of Tanzania is roughly the size of a cricket ball.

Derek Miller, solicitor of David Unwin, the man who put up the ruby as an investment in Wrekin two years ago, has admitted there are doubts over the gemstone's value.

According to the Financial Times, “Miller had the job of forwarding the stone to Ernst & Young, allowing him to counter press speculation that it did not exist.

“However, when he began checking out the 2004 valuation certificate, Miller said he was dismayed to find that the competence of the valuer was disputed by a referee, a former Asprey & Garrard employee, Brian Dunn.

“Dunn told the FT that a reference he provided on Asprey & Garrard letterhead ‘was used for purposes for which it was never intended’ and that the valuer, who is now retired, had a history of supplying over-optimistic valuations.”

Miller thinks Unwin believed he had bought a ruby worth £11m once cut into smaller gems.