Grizzly Mining brought in $48.6 million in revenue for sales of emeralds from its Grizzly deposit in Zambia, a record for the company.

The miner sold all 106 lots of stones it offered at its August auction in Dubai, it said last week. The goods consisted of mid- to high-grade rough emeralds. In total, 128 clients from Europe, Asia and Africa participated in the sealed-bid online auction.

“I am pleased to report another successful emerald auction, which has seen new records broken,” said Abdoulaye Ndiaye, chairman of Grizzly. “The market for emeralds remains extremely strong and continues to grow in size each year, with Zambian rough accounting for 70% of global supply.”

Grizzly, founded in 1997, produces approximately 60 million carats of emeralds annually. The company holds four auctions a year, one during each quarter. It will use proceeds from the most recent sale to expand the mine, Ndiaye added.

 

Main image: Emeralds from the Grizzly mine. (Grizzly Mining)