Grizzly emerald auction generates $24.8m in revenue
Rough emerald producer Grizzly Mining generated revenue of $24.8-million from its latest international emerald auction held in Dubai, in May.
The auction included medium- to high-grade rough emeralds recovered from the company’s flagship Grizzly emerald mine, in Zambia.
A total of 112 lots were offered for sale, of which 105 lots (93.75%) were sold, totalling 1.49-million carats. This included the sale of the exceptional 6 620 ct Pilala stone, an emerald with intense fluorescent colour exhibiting transparent clarity.
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.
“I am pleased and proud to announce that this has been another strong auction for Grizzly. Our medium- and high-grade stones remain in high demand from our clients, as evidenced by our sales numbers.
“Hosting these auctions on a regular basis ensures that we can continue to supply the growing market for outstanding coloured gemstones,” says Grizzly chairperson Abdoulaye Ndiaye.
Ndiaye notes that the Pilala stone, in particular, saw competitive bidding in Grizzly’s sealed process.
Grizzly notes that the stone itself was sourced from the Camara pit, one of the first licences Grizzly acquired in 1997 and which has continued to host stones of outstanding quality.
The company says the buyer of the stone has been a long-standing client for over 20 years and has consistently attended Grizzly’s auctions in Zambia and Dubai.
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.
“We are grateful to the continuing support of our customers and are proud of all the work our team in Zambia has done to make this auction a success,” Ndiaye expresses.
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