A one step hydroformylation process for preparing a 1,3-diol, comprising the reaction of an oxirane with syngas at hydroformylation conditions in an inert solvent in the presence of a hydroformylation catalyst which is a ruthenium (+1)-phosphine bidentate:cobalt (−1) complex wherein the ligated metal is ruthenium, under conditions which preferably upon completion of the oxirane/syngas reaction cause a phase separation of the reaction mixture into an upper solvent phase which is rich in catalyst and a lower phase which is rich in the 1,3-diol, recycling the upper phase rich in catalyst directly to the hydroformylation reaction for further reaction with previously unreacted starting materials, and recoveri the 1,3-diol from the lo phase rich in 1,3-diol.