Grizzly Banks $32.5M from Latest Emerald Auction

Grizzly Mining brought in $32.5 million at the most recent auction of emeralds from its deposit in Zambia. 

The miner sold 134 of the 142 lots of stones from its Grizzly mine on offer at its July sale in Dubai, it said Wednesday. The goods consisted of mid- to high-grade rough emeralds, the highlight of which was an 835-carat, deep-green rough, which saw competitive bidding. It eventually went to Israel-based manufacturer Eshed – Gemstar. 

In total, 96 customers from Europe, Asia and Africa took part in the sealed-bid online auction.  

“I am pleased to announce another strong auction…which was very well attended, underpinning the continuing demand for high-quality Zambian emeralds,” said Grizzly chairman Abdoulaye Ndiaye. “[There was] such robust bidding for our stones, and particularly for the 835-carat, deep-green, medium-dark emerald… which saw stiff competition at the final auction.” 

Grizzly, founded in 1997, produces approximately 60 million carats of emeralds annually. The company holds four auctions a year, one during each quarter. 

Main image: Emeralds from the Grizzly mine. (Grizzly Mining)