Gwyneth Paltrowand leading British production outfit Ruby Films have formed a joint company todevelop projects for Paltrow to star in and produce.

First up islikely to be Diamonds, the true ragsto riches story of a female London jewelry thief who masqueraded as a varietyof wealthy women to rob shops by swallowing choice items. Sexy Beast's Louis Mellis and David Scinto are writing the script,while Ruby and Paltrow will co-produce, with Paltrow starring.

Alison Owen, whoheads Ruby with Neris Thomas, has previously collaborated with Paltrow on Proof, Sylvia and Moonlight AndValentino. The joint company is currently tying up separate equityfinancing, as well as fielding scripts for Paltrow.

The prolificOwen, who is making a strong bid for one of the UK Film Council's super slatedeals, has also come on board Ecosse Film's high-profile Brideshead Revisited as producer. Real-life husband and wife PaulBettany and Jennifer Connelly are in talks to play Charles and Julia, withDavid Yates, director of acclaimed TV production State Of Play, directing. Warner Independent is to handle the US.

Owen has alsore-configured Tulip Fever as anindependent production budgeted at up to £20m following its collapse in thewake of the Feb 10 tax clamp down.

DreamWorks willtake North America, with Owen rounding up the rest of the financinginternationally. Jude Law is not currently involved but Owen aims to go intoproduction with Keira Knightley in between the actress shooting Pride And Prejudice for Working Titleand the sequel to Pirates Of TheCaribbean next year. Director John Madden's involvement is dependent onscheduling.