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In an international emerald auction held in Dubai this month, Grizzly Mining has raised $24.8 million in revenue. The auction featured medium- to high grade rough emeralds from its flagship mine in Zambia, including the standout 6 620 carat Pilala stone.
Out of 112 lots offered, 105 were sold, representing 93.75% of the total amounting to 1.49 million carats. The Pilala stone, known for its intense fluorescent colour and transparent clarity, attracted particularly competitive bidding. “I am pleased and proud to announce that this has been another strong auction for Grizzly. Our medium and high grade stones remain in high demand from our clients, as evidenced by our sales numbers. Hosting these auctions on a regular basis ensures that we can continue to supply the growing market for outstanding coloured gemstones. We are grateful to the continuing support of our customers and are proud of all the work our team in Zambia has done to make this auction a success,” said Abdoulaye Ndiaye, Grizzly Chairperson.
The Pilala stone was sourced from the Camara pit, one of the first licences acquired by Grizzly in 1997, which continues to produce high-quality stones. The buyer of the stone is a long standing client who has attended Grizzly’s auctions in Zambia and Dubai for over two decades. Grizzly noted that each auction is tailored to the characteristics of its available production, with the mix of stone size, colour and clarity determined by mining yields and evolving market demand.
