By John Chola
Grizzly Mining Limited has commenced another emerald auction in Kitwe, running from August 30 to September 3, 2024.
The auction features an impressive display of 3.7 tonnes of gemstones, attracting buyers from across the globe.
However, the company has voiced concerns over the impact of global conflicts on the gemstone market.
During an interview at the ongoing auction, Grizzly Mining Limited Vice Chairman Abdoul Ba highlighted the challenges posed by wars and conflicts in Europe, Asia, and other parts of the world.
These geopolitical tensions, according to Ba, are disrupting the markets for finished gemstone products, making it difficult for international buyers to access certain key regions.
“Many of our clients, who purchase gemstones here in Zambia, are struggling to reach markets that are currently in conflict zones. We largely sell to clients who sometimes resell to manufacturers. “However, these clients are finding it difficult to access certain critical markets that are engulfed in war, conflict and instability.” Ba explained.
Ba emphasized the importance of peace for global trade, particularly for countries like Zambia.
Despite the peace and security that Zambia enjoys, the mining industry is feeling the strain from international conflicts, which have disrupted key markets for minerals.
“The government of President Hakainde Hichilema has made commendable efforts to implement sound mining policies, and with the excellent peace and security in the country, we should now start seeing tangible results in national development.” “However, we are worried that our markets are affected by troubles elsewhere.” he said.
In response to these challenges, Ba called for a strategic shift in Africa and Zambia towards establishing industries that can manufacture finished gemstone products locally.
Ba said by doing so, the region could reduce its reliance on external markets and mitigate the impact of global conflicts on the mining sector.
As the extraction of the gems and auctioning will continue in Kitwe, Grizzly Mining Limited remains optimistic but cautious, with hopes that the global situation will stabilize to allow for more robust trade in the gemstone industry.
Zambia has recently emerged as the leading global producer of gemstones, securing its place at the forefront of the industry.
This achievement, Ba stated, is a result of the government’s strategic focus on enhancing the mining sector, which has been identified as a key driver of economic growth.
To maintain and expand this position, the Zambian government has prioritized the mining sector, continuously rolling out a series of incentives designed to attract further investment and boost productivity.
These initiatives are aimed at maximizing the benefits the country derives from its rich mineral resources, ensuring that the mining sector contributes significantly to the nation’s economic development.
Among the key players in this sector is Grizzly Mining Limited, which has made substantial investments in its operations in Lufwanyama, a region known for its abundant gemstone deposits.
Ba said over the years, Grizzly Mining has consistently upgraded its infrastructure and expanded its operations, positioning itself to meet the increasing global demand for Zambian gemstones.
The company’s commitment to excellence and sustainability has not only reinforced Zambia’s reputation as a premier source of high-quality gemstones but has also contributed significantly to the national economy.
As a result, Grizzly Mining’s efforts align with the government’s broader strategy to ensure that the mining sector remains a cornerstone of Zambia’s economic success.
With continued support from the government and the ongoing dedication of companies like Grizzly Mining Limited, Zambia is set to remain a dominant force in the global gemstone market, reaping substantial economic rewards for the nation and its people.
