The ruby valued at £11m on Wrekin's balance account is currently available on eBay for £5.50

The mystery of the missing Gem of Tanzania appears to have been solved. The jewel that has wreaked havoc with Wrekin’s accounts has been found on popular auction site eBay.

Gem of Tanzania

Bidding for the "most valuable ruby in the history of the world, ever" currently stands at £5.50, some way short of the £11m the gem was valued on Wrekin’s balance sheet.

The seller boasts that the ruby would make ideal collateral for bank lending: “It's a once in a lifetime offer and far better than any government backed lending plan.”

However, the seller seems in some doubt over the authenticity of the gem. In the smallprint Sotheby's, Christies and Gerald Ratner are stated as the certifiers of the gem, but their names are crossed out.

Instead it states: “Signed valuation from Sir Fred Goodwin (Although Fred might not want to hand this over as he doesn't like giving things back).”