The true value of the ruby owned by collapsed Shropshire firm Wrekin Construction will not be known for several weeks, it was revealed today, writes Business Editor Amy Bould.

The giant stone, known as the Gem of Tanzania, was valued at £11 million in the accounts of the Shifnal company, which folded last month with the loss of about 430 jobs.

But experts shed serious doubt over the accuracy of the price, with some claiming its true worth could be as little as £300,000.

Today the company’s administrators Ernst & Young refused to confirm whether a fresh independent valuation had yet been carried out.

A spokesman said any details about the gem’s true worth would be included in a report to Wrekin’s creditors which is currently being prepared.

The value of the ruby – and its subsequent sale – could go a long way towards dictating how much cash is available to pay Wrekin Construction’s creditors.

More than 40 vehicles belonging to to the Lamledge Lane business have also been auctioned off by the administrators in a sale which raised almost £100,000.

The date of a creditors meeting, when people will get the chance to stake their financial claims against the company, has not yet been fixed.

However, it is expected to be held within the next four to six weeks.