Zambia-based Grizzly Mining has attained an exceptional milestone, raking in an impressive $48.6 million in revenue from the sale of emeralds sourced from its renowned Grizzly deposit. This remarkable achievement stands as an all-time high in the company’s history.
In a recent announcement, the mining entity disclosed the successful completion of its August auction in Dubai, where it remarkably managed to vend all 106 lots of exquisite stones on offer. The array encompassed a selection of rough emeralds of mid- to high-grade quality. Notably, this sealed-bid online auction drew the active participation of a substantial clientele, including 128 buyers hailing from diverse regions spanning Europe, Asia, and Africa.
Abdoulaye Ndiaye, the esteemed Chairman of Grizzly, expressed his satisfaction over this triumph, stating, “I am pleased to report another successful emerald auction, which has seen new records broken.” Highlighting the robustness of the emerald market, Ndiaye further noted, “The market for emeralds remains extremely strong and continues to grow in size each year, with Zambian rough accounting for 70% of global supply.”
Having established its roots in 1997, Grizzly stands as a prolific producer of approximately 60 million carats of emeralds on an annual basis. Demonstrating a commitment to its dynamic auction schedule, the company orchestrates four auctions throughout the year, each aligned with a respective quarter. With astute foresight, Ndiaye disclosed the intended application of the revenue garnered from this recent sale, earmarking it for the expansion of the mining operation.
The triumphant surge in revenue underscores the enduring appeal and prominence of Grizzly Mining within the emerald market, solidifying its stature as a key player in the realm of precious gemstones.
