ESV - 23 On that day, declares the Lord of hosts, I will take you, O Zerubbabel my servant, the son of Shealtiel, declares the Lord, and make you like a signet ring, for I have chosen you, declares the Lord of hosts.
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The key to understanding this verse, to me, is Haggai 1:8 and the Haggai 2:3. First God tells Zerrubabel and the remnant to (1:8) "Go up to the mountain and bring wood and build this house and I will take pleasure in it. AND I WILL BE GLORIFIED SAITH THE LORD" (emphasis mine) Then He says (2:2) "Who is left among you who saw this house in it's previous Glory? And how do you see it now, in your eyes, Isn't it as nothing in comparison?" Then in 2:7 He says "I will shake the nations and the desire of all nations shall come and I will fill this house with Glory." And finally in verse 2:9 He says "The Glory of this house will be greater than the former." Through Zerrubabel, God is reestablishing His presence in Israel, reinstating the line of David through which will come Jesus. Therefore, when God is telling Zerrubabel that He will make him as a signet ring, He is telling him that "through you and what you are accomplishing I am sending a message to the world that the world cannot mistake from whence it comes because it (metaphorically) bears my seal!" God wanted Zerrubabel to know that He was blessing his efforts and that he would be exalted and remembered for his service.
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