Page 26 - How Not To Cook The Books Article

He estimated its value could be as much as £2m and he planned to
finally find out when the gemstone is ceremoniously “cracked open like
an Easter egg” at a special dinner for his board members.

However, after receiving pleas from enthusiasts in the United States not
to break up the gem Mr. Watts decided to keep the stone intact and add
it to his portfolio of artworks etc. saying that

“It has been suggested to me that was I to auction it there then I
should put a reserve on it of $250,000, but it could go for

anything.” (11)

But the plot thickened after an earlier valuation - by London jeweller
David Davis – emerged claiming the jewel might have a market value of
$22-23 million. It was suggested the valuation took into account the

possibility of cutting up the uncut gem into a number of high-quality
stones.

Perhaps a simple question could help solve the problem of fraud at
Wrekin Construction and that is:

when faced with RBS withholding overdraft funds why did Unwin
and Ibbotson not simply sell the Gem of Tanzania?