Grizzly Mining’s Dubai Auction Nets $24.8M from Zambian Emeralds
Grizzly Mining, a leading Zambian rough emerald producer, has announced revenue of $24.8 million from its most recent international emerald auction held in Dubai this past May.
The auction featured medium- to high-grade rough emeralds sourced from the company’s flagship Grizzly Emerald Mine in Zambia.
Of the 112 lots offered, 105 were sold—representing a 93.75% success rate—amounting to a total of 1.49 million carats sold.
A standout of the event was the sale of the remarkable 6,620-carat Pilala stone, a vivid green emerald with exceptional transparency and intense fluorescent colour.
The stone attracted competitive bids through Grizzly’s dedicated online auction platform, which uses a sealed-bid format to ensure confidentiality and fair participation.
“This has been another strong auction for Grizzly,” said Chairperson Abdoulaye Ndiaye. “Our medium- and high-grade stones remain in strong demand, and our ability to host regular auctions allows us to reliably meet the market’s appetite for premium coloured gemstones.”
The Pilala emerald was sourced from the Camara Pit, one of the first mining licenses acquired by Grizzly in 1997.
The pit continues to yield high-quality stones more than two decades later. The buyer of the Pilala stone is a long-time client who has participated in Grizzly’s auctions in both Zambia and Dubai for over 20 years.
Grizzly emphasized that the auction’s lot characteristics—such as size, colour, and clarity—vary depending on production yields and prevailing market trends.
“We’re grateful for the continued support of our clients and incredibly proud of the dedication shown by our team in Zambia,” Ndiaye added.
