Red faces as '£11m' ruby sells for £8,000

A RUBY originally thought to be worth £11 million and listed as an asset by a collapsed company has been sold for only £8,000.

The stone, known as the "Gem of Tanzania", had been bought in 2007 by Wrekin Construction, which collapsed with the loss of more than 300 jobs last year.

Administrator Ernst & Young yesterday declared the stone's multi-million-pound valuation as a forgery.