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An article published in the journal Minerals in December detailed the make-up of carmeltazite, named for Mount Carmel in northern Israel.
The mineral contains titanium, aluminium and zirconium, and its formula is ZrAl2Ti4O11.
It is found within a type of sapphire on the project site.
Shefa Yamim CEO Avi Taub said the ID was exciting for the company.
"We are delighted that our Carmel sapphire has been recognised as a host to many rare minerals," he said.
"In today's world where the prices of gems are determined predominantly by their rarity, the Carmel sapphire is a unique discovery."
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A Carmel sapphire
The research published by Mineral was done by a group led by geologist Bill Griffin at Macquarie University in Australia, and included researchers from the University of Western Australia, Università degli Studi di Firenze and Università degli Studi di Milano.
Shefa Yamim has done a bulk sampling programme at Mount Carmel, and says it has found diamonds, sapphires and rubies.
