https://newsletter.mw.creamermedia.com
Africa|Mining|Operations
Africa|Mining|Operations
africa|mining|operations

Grizzly’s emerald auction generates record sales

Grizzly Mining chairperson Abdoulaye Ndiaye

The auction saw the company offer its latest mid-high grade rough emeralds from its flagship Grizzly emerald mine in Zambia

The auction generated record sales of $48.63-million

106 emerald lots were offered for sale, all of which were sold

10th August 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

Font size: - +

Emerald producer Grizzly Mining says the company’s latest emerald auction, which was held in Dubai earlier in August, generated record sales of $48.63-million.

The auction saw the company offer its latest mid- to high-grade rough emeralds from its flagship Grizzly emerald mine, in Zambia. 

The auction lots were made available in Dubai for in-person viewings by customers from August 1 to 7. 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.

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. 

The auction underpinned strong demand for high-quality rough emeralds from Zambia, states the company. 

The auction attracted 128 customers from Europe, Asia and Africa, with 106 emerald lots put on offer, all of which were sold.

The company also confirms that proceeds from the auction will be reinvested into its Zambian operations as part of ongoing production expansion.

“Grizzly has been championing Zambian emeralds for over 25 years, and I am pleased to report another successful emerald auction which has seen new records broken,” states Grizzly chairperson Abdoulaye Ndiaye.

“The market for emeralds remains extremely strong and continues to grow in size each year, with Zambian rough accounting for 70% of global supply. I would like to thank all our international partners who participated in the auction.

“We continue to invest in our flagship Grizzly mine in Zambia and this auction will allow us to deliver our ongoing expansion.”

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer
Magazine round up | 15 November 2024
Magazine round up | 15 November 2024
15th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:6.754 6.871s - 144pq - 2rq
Subscribe Now