Grizzly Mining Ltd reported robust demand for Zambian emeralds at its latest auction in Dubai, which generated overall revenues of US$32.5 million.

Offered at the July 2024 auction were 142 lots comprising mid- to high-grade rough emeralds from the Grizzly emerald mine in Zambia. Of these, 134 lots or 1.3 million carats were sold.

A total of 96 clients from Europe, Asia and Africa participated in the sale, according to the company.

Grizzly Mining Chairman Abdoulaye Ndiaye described it as strong, well-attended auction that underpinned a sustained market demand for high-quality Zambian emeralds.

He cited robust bidding particularly for an 835-carat deep-green, medium-dark emerald, which saw stiff competition at the final auction. Gemstar Ltd, owned by Avraham Eshed and a long-term partner and client of Grizzly Mining for over 20 years, won the bid.

The lots were made available in Dubai for in-person viewings prior to auction using an online platform specifically adapted for Grizzly Mining. This allowed customers to participate in a sealed-bid process.

“The specific auction mix and quality of 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 company said.