Ernst & Young administrators have found a ruby, cited as the Gem of Tanzania, reportedly worth £11m on the books of Wrekin Constructions, the building firm which collapsed last week costing 400 staff their jobs.

E&Y is unclear why the gem was bought by the company’s directors.

The firm said it was ‘too early to comment’ on the gem’s history of ownership or reports that it was bought to inflate the value of Wrekin’s assets, the Guardian reported.