Lusaka, Zambia—Grizzly Mining Ltd. has announced the successful conclusion of its latest international emerald auction, yielding a total of $19 million in sales.
The emeralds featured in this month’s auction were extracted from the company’s flagship Grizzly emerald mine, situated in Zambia’s Lufwanyama region and wholly owned by Grizzly Mining Ltd.
A diverse selection of rough emeralds ranging from medium to high grade, comprising 117 lots, was presented for sale. Of these, 112 lots were successfully sold, while the remaining five have been earmarked for inclusion in the subsequent auction, as confirmed by Grizzly.
Among the highlights of the auction was the sale of a remarkable 4,145-carat rough emerald, acclaimed by the company for its exceptional gem quality, fetching a price exceeding $1 million.
This successful auction follows Grizzly’s previous record-breaking sale in August 2023, which amassed a total of $48.6 million, with all 106 lots sold. Notably, the August auction featured a collection of higher-quality stones, as indicated by the company.
Conducted via a custom-designed online platform in Dubai, United Arab Emirates, the recent auction attracted participation from 76 clients hailing from Europe, Asia, and Africa. Prior to the auction, prospective buyers were offered the opportunity for in-person viewings of the lots in Dubai.
Abdoulaye Ndiaye, the founder and chairman of Grizzly, expressed satisfaction with the auction’s outcome, stating, “I am pleased to announce another successful auction from Grizzly Mining. Our spring auction garnered significant interest, underscoring the robust demand for high-quality Zambian emeralds.”
Ndiaye extended congratulations to the winning bidder, K. Sunil Narnoli, with whom Grizzly has maintained a longstanding partnership, expressing anticipation for the forthcoming work on the unique 4,145-carat stone.
Acknowledging the contributions of international partners and the company’s Zambian team, Ndiaye conveyed appreciation for their efforts in facilitating the auction’s success.
Established in 1997, Grizzly Mining Ltd. operates the Zambian mine, boasting an annual production output of approximately 60 million carats. The company conducts quarterly auctions both domestically and internationally, with variations in auction mix and lot quality tailored to reflect fluctuations in mine production and market demand.
