Grizzly Mining chairperson Abdoulaye Ndiaye
Emerald producer Grizzly Mining says the company’s latest emerald auction, which was held in Dubai earlier in August, generated record sales of $48.63-million.
The auction saw the company offer its latest mid- to high-grade rough emeralds from its flagship Grizzly emerald mine, in Zambia.
The auction lots were made available in Dubai for in-person viewings by customers from August 1 to 7. Following the viewings, the auctions took place through an online auction platform specifically adapted for Grizzly, allowing customers to participate in a sealed-bid process.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.
The auction underpinned strong demand for high-quality rough emeralds from Zambia, states the company.
The auction attracted 128 customers from Europe, Asia and Africa, with 106 emerald lots put on offer, all of which were sold.
The company also confirms that proceeds from the auction will be reinvested into its Zambian operations as part of ongoing production expansion.
“Grizzly has been championing Zambian emeralds for over 25 years, and I am pleased to report another successful emerald auction which has seen new records broken,” states Grizzly chairperson Abdoulaye Ndiaye.
“The market for emeralds remains extremely strong and continues to grow in size each year, with Zambian rough accounting for 70% of global supply. I would like to thank all our international partners who participated in the auction.
“We continue to invest in our flagship Grizzly mine in Zambia and this auction will allow us to deliver our ongoing expansion.”