Israeli minerals company Shefa Yamim – which has discovered precious stones around the Mount Carmel area of northern Israel - has announced its intention to float on the London Stock Exchange.
The company has already embarked an extensive exploration programme around the Kishon River and Carmel Mountain Range and they have found multi-commodity precious stones including rubies, diamonds, and its already trade-marked Carmel sapphire.
CEO Avi Taub said the company plans to begin production within the next 24 months.
He said: “The market for precious stones has grown considerably in the last five years, driven by emerging markets like China and India.
“We look forward to continuing our next stage of growth as a public company listed on the London Stock Exchange.”
Shefa Yamim’s origins lie in a meeting 29 years ago between the then-mayor of Haifa, Aryeh Gurel, who visited the Lubavitcher Rebbe, Rabbi Menachem Mendel Schneerson, in Brooklyn.
It is claimed that the the rebbe told Mr Gurel of “hidden stones” in the valley near Haifa. Mr Taub was shown the video a few decades later which inspired him to set up the company.