Zambian Emerald auction earns US$19 million

Grizzly Mining Limited, one of the world’s largest producers of emeralds, is pleased to announce the results of its latest international emerald auction held in Dubai in March 2024. The auction saw the Company offer its latest medium- to high-grade rough emeralds from their flagship Grizzly emerald mine in Zambia.

Auction generates strong sales of US$19 million; 76 clients in attendance from Europe, Asia, and Africa! Key Highlight of auction saw a single exceptional gem quality 4,145 carat rough emerald sell to the winning bidder K Sunil Narnoli. 117 emerald lots were offered for sale, 112 of which were sold, with 5 lots reserved.

Abdoulaye Ndiaye, Chairman of Grizzly, commented, “I am pleased to announce another strong auction from Grizzly Mining. Our spring auction was very well attended underpinning the strong demand for high quality Zambian emeralds.

I am pleased to see such strong bidding for the exceptional 4,145 carat stone and my congratulations to the winning client K Sunil Narnoli, with whom we have worked for many years. We look forward to seeing their work on this unique stone in the coming months.

I would like to thank all our international partners who participated in the auction, and our team on the ground in Zambia who have worked to make this happen.”

The auction lots were made available in Dubai for in-person viewings by customers in March 2024. Following the viewings, the auction took place via an online platform specifically adapted for Grizzly, allowing customers to participate in a secure, confidential 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.

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