Grizzly Auctions 6,620-Carat Emerald

Lusaka, Zambia—Grizzly Mining Ltd. announced that its May emerald auction garnered $24.8 million. 

The international auction featured medium- to high-grade rough emeralds from its flagship mine in Zambia. 

Of 112 lots offered, 105 sold, totaling 1.49 million carats.  

The offering included a number of particularly high-grade, high-carat emeralds, the miner said, such as the 6,620-carat “Pilala” emerald. 

The stone was sourced from the Camara pit, one of the first licenses Grizzly acquired in 1997.  

It exhibited intense fluorescent color and exceptional transparency, said Grizzly. 

The giant gemstone attracted highly competitive bidding, according to Grizzly, and ultimately, KBK Gem Stones won the lot. 

The company, based in Jaipur, India, has been a client for more than 20 years and consistently attended Grizzly’s auctions in Zambia and Dubai. 

“I am pleased and proud to announce that this has been another strong auction for Grizzly,” said Abdoulaye Ndiaye, Grizzly chairman. 

“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 colored gemstones.” 

The May auction took place in Dubai, United Arab Emirates, via an online platform specifically adapted for Grizzly, allowing customers to participate in a secure, confidential, sealed-bid process. The lots were made available for in-person viewings in Dubai prior to the sale.  

A total of 123 clients from Europe, Asia, and Africa attended the auction.  

Grizzly Mining was founded in 1997. The Zambian mine produces around 60 million carats a year, with quarterly auctions in-country and internationally.