Grizzly Emerald Auction Generates US$24.8 million 

Lusaka, Zambia: 19 May 2025, Grizzly Mining Limited, one of the world’s largest producers of rough emeralds, is pleased to announce the results of its latest international emerald auction held in Dubai in May 2025. The auction saw the Company offer its latest medium- to high-grade rough emeralds from the flagship Grizzly emerald mine in Zambia.

Highlights
  • Auction generates revenue of US$24.8 million
  • 123 clients in attendance from Europe, Asia, and Africa
  • 112 lots were offered for sale, of which 105 lots (93.75%) were sold, a total of 1.49 million carats
  • This included the sale of the exceptional 5,620 ct Pilala stone, an emerald with intense fluorescent colour exhibiting transparent clarity

Abdoulaye Ndiaye, Grizzly Chairman, commented:

“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.

The Pilala Stone in particular saw competitive bidding in our sealed process, with KBK Gem Stones ultimately submitting the winning bid.

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. Thank you.”

Auction Results

The auction lots were made available in Dubai for in-person viewings by customers in May 2025. Following the viewings, the auctions took place via an online auction platform specifically adapted for Grizzly, allowing customers to participate in a sealed-bid process.

A total of 112 lots were offered for sale, of which 105 were sold, totalling 1.499 million carats. Included in the sale were a number of particularly high-grade, high-carat emeralds such as the Pilala Stone; exhibiting exceptional transparency and fluorescent colour, the 5,620 ct stone saw highly competitive bidding at the final auction, but the tender was ultimately won by KBK Gem Stones, from Jaipur, India, through Grizzly’s sealed bid process. 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. KBK Gem Stones have been a long standing client for over twenty years, and have 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.

Contact:

grizzly@tavistock.co.uk

About Grizzly Mining Limited

Founded by current Chair, Abdoulaye Ndiaye, in 1997, Grizzly Mining has been producing high-quality emeralds and beryl for the international gemstone market for over 27 years from its 100% owned flagship Grizzly mine in Lufwanyama region in the Copper-belt province of northern Zambia.

The mine produces circa. 60 million carats a year, with quarterly auctions both in-country and internationally. Zambia accounts for 70% of the world’s production of rough emeralds.

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