Grizzly Mining, operating from its Grizzly deposit in Zambia, has achieved a historic milestone by generating $48.6 million in revenue from its emerald sales, marking a new record for the company.
During its August auction held in Dubai, the miner successfully sold all 106 lots of emeralds on offer. The selection comprised mid- to high-grade rough emeralds. Notably, the auction drew participation from a total of 128 clients hailing from Europe, Asia, and Africa. The auction was conducted as a sealed-bid online event.
Abdoulaye Ndiaye, Chairman of Grizzly, expressed satisfaction with the successful emerald auction, highlighting the achievement of new records. Ndiaye also emphasized the robustness of the emerald market, which continues to grow in size each year. He noted that Zambian rough emeralds alone account for a significant 70% share of the global supply.
Having been established in 1997, Grizzly Mining consistently produces around 60 million carats of emeralds annually. The company conducts four auctions each year, corresponding to each quarter. The proceeds from the most recent auction will be directed towards the expansion of the mining operations, Ndiaye disclosed.
The accomplishment of this record-breaking revenue underscores the enduring demand for emeralds and the strategic role of Zambian rough emeralds in the global market.
