'Largest-ever' Israeli Ruby Found in Kishon River

Company behind find was set up in 1999 after a prophecy by the late Lubavitcher Rebbe; gemstone, weighing 1.7 carats, is of minimal monetary value.

Eran Azran
Eran Azran
Send in e-mailSend in e-mail
Rubies (illustrative)
Rubies (illustrative)Credit: Bloomberg
Eran Azran
Eran Azran

Israel’s largest-ever ruby has been found in the Kishon River, precious stone exploration and mining company Shefa Yamim said on Monday.

The stone weighs 1.7 carats and is 8.26 millimeters in size, but is of minimal monetary value.

The stone is currently being analyzed at the company’s Acre factory.

Despite the find, Shefa Yamim shares ended down 3.1% at 1.45 shekels (38 cents). Daily turnover was some 350,000 shekels – three times the average daily turnover.

The stone is three times the size of previous rubies found in Israel, the company said. It added that other than its own operations, it was not aware of other rubies being found in the country.

The stone’s size reinforces the company’s belief that the Kishon River offers potential for gemstone mining, it added. The river in northern Israel is 70 kilometers (43 miles) long and flows into the Mediterranean Sea in Haifa.

Shefa Yamim has a market cap of 63 million shekels. It was founded in 1999 by Abraham Taub, an associate of the late Lubavitcher Rebbe, Menachem Mendel Schneerson. Based on a prophecy the rebbe gave in the 1990s, Taub has been mining for diamonds and other precious stones around the Kishon River ever since.

The company’s stock price is down 77% in the past three years due to repeated fundraising attempts to maintain operations, despite the lack of significant findings to date.

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

Subscribe today and save 40%

Already signed up? LOG IN

ICYMI

The Orion nebula, photographed in 2009 by the Spitzer Telescope.

What if the Big Bang Never Actually Happened?

בן גוריון

'Strangers in My House': Letters Expelled Palestinian Sent Ben-Gurion in 1948, Revealed

AIPAC

AIPAC vs. American Jews: The Toxic Victories of the 'pro-Israel' Lobby

Bosnian Foreign Minister Bisera Turkovic speaks during a press conference in Sarajevo, Bosnia in May.

‘This Is Crazy’: Israeli Embassy Memo Stirs Political Storm in the Balkans

Hamas militants take part in a military parade in Gaza.

Israel Rewards Hamas for Its Restraint During Gaza Op

Palestinians search through the rubble of a building in which Khaled Mansour, a top Islamic Jihad militant was killed following an Israeli airstrike in Rafah, southern Gaza strip, on Sunday.

Gazans Are Tired of Pointless Wars and Destruction, and Hamas Listens to Them