Diamantaire Lev Leviev Acquires Half of Zambian Emerald Mine

Israeli diamond giant Lev Leviev has acquired half of an emerald mine in Zambia – getting into a market where the green stones have reportedly seen a 10-fold rise in price in the last eight years.

Leviev bought half of the Grizzly emerald mine in Zambia close to the border with the Democratic Republic of Congo.

It has been renamed Gemcanton Investments Holdings. Leviev reportedly used his Israel-based diamond company to finance the purchase.

Emerald prices have soared by more than tenfold in the past eight years, as top producer Gemfields Plc sought to expand the market for the green stones and boost advertising. Emeralds were previously mainly produced by artisanal miners, meaning there wasn’t a consistent supply enough for retailers to run production lines or advertise them. The company owns the Kagem mine, Zambia’s biggest producer.