One of the strangest tales in the history of company accounting looks increasingly likely to end with a fabled gem being downgraded to an unusual paper weight. The Gem of Tanzania, a large ruby whose £11m valuation once underpinned the finances of a failed company with yearly turnover of £103m, may be worth as little as £100. It is a paper weight. Period. Visit Bangkok, Jaipur, or Hong Kong and you can buy them for less than £100. Whoever gave the gemstone £11m valuation need a medical checkup. What a joke, really!
Friday, October 02, 2009
Wrekin's Ruby
One of the strangest tales in the history of company accounting looks increasingly likely to end with a fabled gem being downgraded to an unusual paper weight. The Gem of Tanzania, a large ruby whose £11m valuation once underpinned the finances of a failed company with yearly turnover of £103m, may be worth as little as £100. It is a paper weight. Period. Visit Bangkok, Jaipur, or Hong Kong and you can buy them for less than £100. Whoever gave the gemstone £11m valuation need a medical checkup. What a joke, really!
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