Grizzly’s Zambian Emerald Auction helps Market the Brand – Sales Top $19 Million
Gary Roskin –
Roskin Gem News Report –
If you are one who believes that all Zambian emeralds come from the Kagem mine, just look to the west.
Grizzly tells the Roskin Report that they have been in operation for “c.27 years, far longer than Gemfields.”
Grizzly Mining Limited has reportedly been one of the world’s largest producers of emeralds for the past 25 years. As part of their most recent press release, Grizzly announced the results of its latest international emerald auction held this month (March) in Dubai. The auction offered the latest production, including medium- to high-grade rough emeralds from their flagship emerald mine.
Grizzly has helped put Zambian emeralds on the map. As noted by a Grizzly spokesperson, “Known for their distinctive color and cast, Grizzly emeralds are famed for their size and quality.”
Highlights from the Auction:
- Auction generated strong sales of US$19 million
- 76 clients in attendance from Europe, Asia, and Africa
- 117 emerald lots were offered for sale, 112 of which were sold, with 5 lots reserved.
- Highlight: a single gem quality rough crystal weighing 4,145 carats, sold to the winning bidder, K Sunil Narnoli
“I am pleased to announce another strong auction from Grizzly Mining,” stated Chairman of Grizzly, Abdoulaye Ndiaye. “Our Spring auction was very well attended, underpinning the strong demand for high quality Zambian emeralds.”
Auction Results
The auction lots were made available in Dubai for in-person viewings by customers in March. 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 always vary in size, color and clarity, accounting for the variety of rough mined production, as well as the market demand. As noted above, there were 117 emerald lots offered for sale, of which 112 were sold, with 5 lots still on reserve.
From Grizzly Mining: Mr Abdoul Ba (Deputy Chairman Grizzly Mining), Mr Tidiane Ndiaye ( Director Grizzly Mining)
Mr. Rasika Ranasinghe (Chief Operating Officer Grizzly Mining), and Mr. Jonas.
From Narnoli: Sunil Kumar Narnoli, Anshul Narnoli , and Vipul Narnoli
Back row – left to right – Jonas, Tidane Ndiaye, and Rasika Ranasinghe.
Front row – left to right – Anshul Narnoli, Abdoul Ba, Sunil Narnoli, and Vipul Narnoli.
Winner
The top lot was the 4,145-carat gem-quality rough emerald crystal seen here, selling for over US$1 million to Indian emerald supplier K Sunil Narnoli. According to Grizzly, this large crystal was excavated from the Dema Pit at their flagship mine. “This exceptional gem-quality 4,145 carat emerald is unparalleled in grade and size, and marks a new record in our recoveries.”
Chairman Ndiaye was very pleased to see such strong bidding for the large rough. “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.”
Speaking with the Roskin Gem News, Vipul Narnoli, K Sunil Narnoli partner, is excited about their recent success in acquiring the large emerald crystal at the Grizzly auction. “The emerald crystal we have obtained is indeed a remarkable specimen, distinguished by its exceptional quality and captivating beauty. Our team is currently engaged in a thorough assessment to fully appreciate its unique characteristics, including color, clarity, and structural integrity. We understand the importance of preserving the inherent qualities of such a magnificent gemstone throughout the cutting process.”
“At our manufacturing firm, we pride ourselves on our commitment to excellence and precision in gemstone craftsmanship. Each stone is treated with the utmost care and attention to detail, ensuring that its inherent beauty is enhanced while maintaining its integrity and value.”
K Sunil Narnoli is a family-owned company, with a legacy spanning generations. Specializing in emeralds, the company has earned a reputation for trust and excellence. Mr. Sunil Narnoli and his sons, Anshul and Vipul, are actively involved in the company’s operations, bringing fresh perspectives and dedication to furthering the family business’s success. With a commitment to quality and customer satisfaction, K Sunil Narnoli continues to thrive under the leadership of this dynamic father-sons team.
Operations
Grizzly’s flagship mine lies in the north of Zambia between Kitwe and Ndola and has produced some of the world’s finest emeralds over 25 years of operations
About Grizzly Mining Limited
Founded by current Chair, Abdoulaye Ndiaye, Grizzly Mining has been producing high-quality emeralds and beryl for the international gemstone market produced from its 100% owned flagship Grizzly mine in Lufwunyama region in the Copper-belt province of northern Zambia.
The mine produces approximately 60 million carats a year, with quarterly auctions held both in-country and internationally.
Zambia reportedly accounts for 70% of the world’s production of rough emeralds.
