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Grizzly Emerald Auction Garners $32.5 million
The miner said an 835-carat emerald saw “stiff competition” in its July sale.
This 835-carat emerald is one of the lots that sold in Grizzly Mining’s July auction.
Lusaka, Zambia— Grizzly Mining Ltd. announced that its latest international emerald auction garnered $32.5 million.
The emeralds offered were extracted from the company’s flagship Grizzly emerald mine in Zambia’s Lufwanyama region.
The sale featured mid- to high-grade rough emeralds in 142 lots.
Of those, 134 lots totaling 1.3 million carats were sold.
A highlight was an 835-carat emerald, the miner said.
The miner’s March sale brought in $19 million, selling 112 of the 117 lots offered. It included the sale of a 4,145-carat rough emerald that fetched more than $1 million.
The company noted that each specific auction mix and the quality of the lots offered vary in characteristics such as size, color, and clarity due to variations in mine production and market demand.
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The emeralds offered were extracted from the company’s flagship Grizzly emerald mine in Zambia’s Lufwanyama region.
The sale featured mid- to high-grade rough emeralds in 142 lots.
Of those, 134 lots totaling 1.3 million carats were sold.
A highlight was an 835-carat emerald, the miner said.
The miner’s March sale brought in $19 million, selling 112 of the 117 lots offered. It included the sale of a 4,145-carat rough emerald that fetched more than $1 million.
The company noted that each specific auction mix and the quality of the lots offered vary in characteristics such as size, color, and clarity due to variations in mine production and market demand.
The July auction took place in Dubai, United Arab Emirates, via an online platform specifically adapted for Grizzly, allowing customers to participate in a secure, confidential sealed-bid process. The lots were made available for in-person viewings in Dubai prior to the sale.
A total of 96 clients from Europe, Asia, and Africa attended the auction.
“I am pleased to announce another strong auction from Grizzly Mining, which was very well attended, underpinning the continuing demand for high quality Zambian emeralds,” said Abdoulaye Ndiaye, founder and chairman of Grizzly.
“I am delighted to see such robust bidding for our stones, and particularly for the 835-carat deep green, medium dark emerald, bid 137, which saw stiff competition at the final auction.”
Grizzly said the stone went to Gemstar Ltd., an Israel-based manufacturer owned by Avraham Eshed, who Ndiaye said is a long-term partner and client for over 20 years.
Ndiaye added, “I would like to thank all our international partners who participated in the auction, and our team on the ground in Zambia who have worked to make this happen.”
Grizzly Mining was founded in 1997. The Zambian mine produces around 60 million carats a year, with quarterly auctions in-country and internationally.
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