The successful auction of Zambia’s emeralds on the international market is a testimony that the country’s emerald sector is ready for increased investment, an industry body said Thursday.
Grizzly Mining, one of Zambia’s emerald producers, generated about 32.5 million U.S. dollars in revenue at the auction held recently in Dubai, the United Arab Emirates, which attracted 96 clients. The company offered 142 lots for sale, 134 of which were sold, totaling 1.3 million carats.
Commenting on the auction, Victor Kalesha, president of the Emeralds and Semi-Precious Stones Mining Association of Zambia, said in an interview with Xinhua that it is gratifying that Zambia’s emerald sector is always aiming high and getting better.
He said the auctioning of Zambia’s emeralds on the international market will encourage investors to invest in emerald mining and other precious stones, as the industry has remained dormant with few players.
Kalesha said the association is keen to work with investors from around the world to revive the sector, which he described as a “sleeping giant.”
He added that the revenue generated from the auction will go a long way in boosting the state treasury through payment of taxes.
