Grizzly Mining nets US$32.5 Million in Emerald auction in November

By John Chola

Lufwanyama – 14/01/25 – Grizzly Mining Limited, a global leader in emerald production, has again achieved a major milestone, raking in an impressive US$32.5 million from its recent international auction of mid-to-high-grade rough emeralds.

The auction, held in November 2024, featured gems mined from the company’s renowned Grizzly emerald mine in Zambia’s Copperbelt Province, drawing the attention of 87 clients from Europe, Asia, and Africa.

This turnout once again showcased the global allure of Zambian emeralds, a cornerstone of the nation’s gemstone industry.

Out of the 164 lots presented, 157 were successfully sold, translating to an exceptional sale rate of 95.73 percent.

In total, 1.93 million carats of emeralds exchanged hands during the event, underscoring the strong demand for Zambian gemstones.

 

A Testament to Growth and Quality

Grizzly Mining Chairman Abdoulaye Ndiaye celebrated the auction’s success, attributing it to the company’s consistent growth and reputation for producing high-quality emeralds.

“This has been another positive quarter for Grizzly. Our recent expansion initiatives at our world-class Grizzly emerald mine in Zambia have shown strong production numbers, enabling us to hold another medium-to-high-grade auction,” Ndiaye said.

The Grizzly emerald mine, located in Lufwanyama, has long been celebrated for its exceptional quality emeralds, including large, special stones that set it apart in the global market.

“I would like to thank all our international partners who participated in the auction and our team in Zambia who have worked to make this happen,” Ndiaye added, highlighting the collective effort behind the company’s success.

 

A Blend of Technology and Tradition

The auction was conducted through an innovative online platform designed specifically for Grizzly Mining, employing a sealed-bid format to ensure transparency. Complementing this, in-person viewing sessions in Dubai allowed buyers to meticulously assess the gems’ size, color, and clarity—attributes that define market value and appeal.

Zambia’s Emerald Legacy

Since its establishment in 1997, the Grizzly emerald mine has been a cornerstone of Zambia’s gemstone industry, producing approximately 60 million carats annually.

This output significantly contributes to Zambia’s status as a global leader, accounting for 70 percent of the world’s rough emerald production.

Grizzly Mining’s quarterly auctions, held both locally and internationally, reflect the soaring demand for Zambian emeralds, prized for their unparalleled quality.

 

Chairman Ndiaye emphasized that the latest auction not only highlights the company’s ability to meet global demand but also reinforces its reputation for excellence in the competitive gemstone market.

 

A Vision for Continued Success

With close to 30 years of expertise, Grizzly Mining Limited remains a dominant force in the emerald industry.

The company’s ongoing investments in mining expansion and technological innovation continue to bolster its global standing.

As 2024 comes to a close, Grizzly Mining stands poised for further growth, leveraging Zambia’s abundant emerald resources and strategic partnerships to solidify its position as a leader in the international gemstone industry.