Grizzly Emerald Auction Generates US$19 million

Lusaka, Zambia: 20 March 2024, Grizzly Mining Limited, one of the world’s largest producers of emeralds, is pleased to announce the results of its latest international emerald auction held in Dubai in March 2024. The auction saw the Company offer its latest medium- to high-grade rough emeralds from their flagship Grizzly emerald mine in Zambia.

  • Auction generates strong sales of US$19 million
  • 76 clients in attendance from Europe, Asia, and Africa
  • Highlight of auction saw a single exceptional gem quality 4,145 carat rough emerald sell to the winning bidder K Sunil Narnoli
  • 117 emerald lots were offered for sale, 112 of which were sold, with 5 lots reserved.

Abdoulaye Ndiaye, Chairman of Grizzly, commented:

“I am pleased to announce another strong auction from Grizzly Mining. Our Spring auction was very well attended underpinning the strong demand for high quality Zambian emeralds.

I am pleased to see such strong bidding for the exceptional 4,145 carat stone and my congratulations to the winning client K Sunil Narnoli, with whom we have worked for many years. We look forward to seeing their work on this unique stone in the coming months.

I would like to thank all our international partners who participated in the auction, and our team on the ground in Zambia who have worked to make this happen.”

Auction Results

The auction lots were made available in Dubai for in-person viewings by customers in March 2024. Following the viewings, the auction took place via an online platform specifically adapted for Grizzly, allowing customers to participate in a secure, confidential 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.


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 25 years from its 100% owned flagship Grizzly mine in Lufwunyama 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.