SourcingNov 27, 2024
Gemfields Reports 'Disappointing' High-Quality Emerald Auction ResultsSourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4M
Recent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
Grizzly Mining’s November mid- to high-grade emerald auction brought in $22.4 million.
Lusaka, Zambia— Grizzly Mining Ltd. announced that its latest international emerald auction garnered $22.4 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 164 lots.
Of those, 157 lots totaling 1.93 million carats were sold.
The miner’s July sale brought in $32.5 million, selling 134 of the 142 lots offered. It included the sale of an 835-carat emerald to Israel-based manufacturer Gemstar Ltd.; the final price was not provided.
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.
“This has been another positive quarter for Grizzly. Our recent expansion initiatives at our world class Grizzly emerald mine in Zambia has shown strong production numbers allowing us to hold another medium to high-grade auction in November,” said Abdoulaye Ndiaye, founder and chairman of Grizzly.
The November 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 87 clients from Europe, Asia, and Africa attended the auction.
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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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 164 lots.
Of those, 157 lots totaling 1.93 million carats were sold.
The miner’s July sale brought in $32.5 million, selling 134 of the 142 lots offered. It included the sale of an 835-carat emerald to Israel-based manufacturer Gemstar Ltd.; the final price was not provided.
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.
“This has been another positive quarter for Grizzly. Our recent expansion initiatives at our world class Grizzly emerald mine in Zambia has shown strong production numbers allowing us to hold another medium to high-grade auction in November,” said Abdoulaye Ndiaye, founder and chairman of Grizzly.
The November 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 87 clients from Europe, Asia, and Africa attended the auction.
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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