Grizzly Mining Limited, one of the foremost global producers of emeralds, has announced the successful results of its latest international auction held in Dubai this July. The auction, featuring mid- to high-grade rough emeralds from Grizzly’s flagship mine in Zambia, generated a strong revenue of USD 32.5 million.
The event attracted 96 clients from Europe, Asia, and Africa, who participated in the bidding process. Out of 142 lots offered, 134 lots (94.36%) were sold, totalling 1.3 million carats of emeralds. The highlight of the auction was the sale of an 835-carat deep green, medium dark emerald, known as Bid 137, which witnessed intense bidding. The winning bid for this notable gemstone was placed by Gemstar LTD., a company owned by Avraham Eshed, a longstanding partner and client of Grizzly Mining for over two decades.
Abdoulaye Ndiaye, Chairman of Grizzly Mining, expressed his satisfaction with the auction’s outcomes. “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. I am delighted to see such robust bidding for our stones, particularly for Bid 137,” said Ndiaye. He also extended gratitude to all international partners and the team in Zambia for their efforts in facilitating the auction.
The auction lots were available for in-person viewings in Dubai, followed by an online auction platform specifically adapted for Grizzly Mining. This platform enabled a sealed-bid process, ensuring a smooth and efficient bidding experience. The mix and quality of lots varied, reflecting the diverse characteristics of mined production and market demand.
Grizzly Mining continues to be a significant player in the global emerald market, with its auctions drawing considerable interest from international buyers, reinforcing the appeal of Zambian emeralds.
