Grizzly emerald auction generates US$19 million

Grizzly Mining’s latest international emerald auction held in Dubai has generated strong sales of US$19 million.

The auction saw the Company offer its latest medium- to high-grade rough emeralds from their flagship Grizzly emerald mine in Zambia.

With 76 clients in attendance from Europe, Asia, and Africa, the highlight of auction saw a single exceptional gem quality 4,145 carat rough emerald sell for over US$1 million

In addition, 117 emerald lots were offered for sale, 112 of which were sold, with five lots reserved.

“I am pleased to announce another strong auction from Grizzly Mining. Our Spring auction was very well attended underpinning the strong demand for high quality Zambian emeralds,” said Abdoulaye Ndiaye, Chairman of Grizzly.

Ndiaye said is pleased to see such strong bidding for the exceptional 4,145 carat stone and congratulated the winning client K Sunil Narnoli.

“We look forward to seeing their work on this unique stone in the coming months,” said Ndiaye.

The auction lots were made available in Dubai for in-person viewings by customers and following the viewings, the auction took place via an online platform specifically adapted for Grizzly, allowing customers to participate in a secure, confidential sealed-bid process.

Meanwhile the specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.

Grizzly Mining has been producing high-quality emeralds and beryl for the international gemstone market for over 25 years from its 100 percent owned flagship Grizzly mine in Lufwunyama region in the Copper-belt province of northern Zambia.

The mine produces circa. 60 million carats a year, with quarterly auctions both in country and internationally. Zambia accounts for 70 percent of the world’s production of rough emeralds.

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