Billionaire Leviev Adds Zambia Emeralds to Diamond Portfolio

Prices for emeralds have risen more than tenfold since 2009
Leviev made fortune on diamonds, competing against De Beers

1496313847_EMERALDS — Source: Getty Images

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By Matthew Hill, Thomas Biesheuvel, Denver Kisting and Taonga Clifford Mitimingi

June 1, 2017 at 9:39 AM UTC

Updated on

June 1, 2017 at 12:18 PM UTC

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Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines.

Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed Gemcanton Investments Holdings.