Despite recent losses, the Shefa Yamim mining and exploration company is planning to distribute stock through the London stock exchange.
The company was founded in 1999 to act on the late Lubavitcher Rebbe’s prediction that precious gems and stones could be found both offshore and in the valley near Haifa.
According to the late Rabbi Mordechai Ashkenazi, the prediction was based on various biblical verses and aggadic passages in the Talmud which allude to Zvulun (the tribal territory where Haifa is now) as being rich with precious stones.
Even without biblical history, Israel is a logical place for gem prospecting. Diamonds in particular are often found in volcanic areas, and in alluvial deposits associated with rivers flowing from old volcanoes. Israel is located on great rift valley, which is where the African and Asian continental plates meet.
In this region tectonic activity is high, and large earthquakes occur regularly (e.g. the Tzfat earthquake, and recent warnings that we may experience activity measuring an eight on the Richter scale.)
Shefa Yamim already has found record size moissanite deposits, although truly lucrative finds have still proved elusive. The issue date and the scope of the stock issue, have yet to be set.