Wrekin ruby revaluation set to be revealed by end of the week

Ernst & Young is set to reveal how much the Wrekin ruby is really worth.

The ruby, the existence of which came to light after Wrekin went into administration, was reputed to be worth £11m, according to a valuation held by the company's owner David Unwin.

But doubt has subsequently been cast on the ruby's true value. According to Christie's, the highest price a ruby ever reached at auction was £2.6m in 2006.

Ernst & Young has hired an independent valuer and is set to have a definitive answer by the end of the week.