The stone represents authority. It may refer to the last stone of the temple placed by Zerubbabel (Zechariah 4:7), the cornerstone of the rebuilt Jerusalem (Isaiah 28:16), or the precious stones on the high priests' ephod (Exodus 25:7; 35:9).
The seven parts (seven eyes) of the stone suggest perfect and complete knowledge and wisdom. They might connect to the seven lamps of the golden lampstand (Zechariah 4:2) or to God’s seven spirits (Revelation 1:4).
The inscription recalls the names of the tribes engraved on the high priest’s shoulder-pieces (Exodus 39:6).
The removal of Israel’s sin in one day refers to the day of atonement (Leviticus 16). It points ahead to the death of Jesus on the cross, when the Lamb of God would take away the sin of the world (John 1:29).