'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
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.
From $1 for the first month

SUBSCRIBE
Already signed up? LOG IN

ICYMI

Charles Lindbergh addressing an America First Committee rally on October 3, 1941.

Ken Burns’ Brilliant ‘The U.S. and the Holocaust’ Has Only One Problem

The projected rise in sea level on a beach in Haifa over the next 30 years.

Facing Rapid Rise in Sea Levels, Israel Could Lose Large Parts of Its Coastline by 2050

Tal Dilian.

As Israel Reins in Its Cyberarms Industry, an Ex-intel Officer Is Building a New Empire

Queen Elizabeth II, King Charles III and a British synagogue.

How the Queen’s Death Changes British Jewry’s Most Distinctive Prayer

Newly appointed Israeli ambassador to Chile, Gil Artzyeli, poses for a group picture alongside Rabbi Yonatan Szewkis, Chilean deputy Helia Molina and Gerardo Gorodischer, during a religious ceremony in a synagogue in Vina del Mar, Chile last week.

Chile Community Leaders 'Horrified' by Treatment of Israeli Envoy

Queen Elizabeth attends a ceremony at Windsor Castle, in June 2021.

Over 120 Countries, but Never Israel: Queen Elizabeth II's Unofficial Boycott