Grizzly Mining Ltd. has announced that its latest July emerald international auction has garnered a total of $32.5 million.
The auction featured 142 lots of medium to high-grade emerald rough, extracted from the company’s flagship Grizzly emerald mine in the Lufwanyama area of Zambia. Ultimately, 134 lots totaling 1.3 million carats of emerald rough were sold.
This auction was held in Dubai via an online platform, with 96 clients from Europe, Asia, and Africa participating. The platform was specially adapted for Grizzly to ensure the security and privacy of the client bidding process. Prior to the auction, the company held a pre-auction viewing in Dubai.
Grizzly founder and board chairman Abdoulaye Ndiaye stated, “I am delighted to announce that the company has once again held a grand-scale auction. The high number of participants indicates a growing demand for high-quality Zambian emeralds in the market.”
Grizzly pointed out that the highlight of this auction was an 835-carat emerald rough, which was ultimately acquired by Israeli gem merchant Gemstar Ltd.
“It’s gratifying to see buyers actively bidding on our gems, especially Lot 137 (the 835-carat deep green, medium-green emerald), which saw intense competition in the final auction,” Abdoulaye Ndiaye said.
In the March auction this year, Grizzly sold 112 out of 117 lots, generating a total revenue of $19 million, including a 4,145-carat emerald rough that sold for over $1 million.
Grizzly Mining, established in 1997, currently owns and operates mines in the Lufwanyama area of southern Zambia. The company extracts approximately 60 million carats of emerald and green beryl rough annually and holds quarterly rough auctions both in Zambia and Dubai.
