Water-continuous emulsion of curable elastomeric polymers are disclosed having a solids content of greater than 75%, an average particle size less than 5 &mgr;m, and having sufficient stability to produce a stable lower solids emulsion upon dilution with water comprising; a curable elastomeric polymer, surfactant, internal cure additive, water, optional plasticizer, and optional low molecular weight acid. The water-continuous emulsions of curable elastomeric polymers can be prepared by; (I) forming a premix comprising an elastomeric polymer, surfactant, internal cure additive, and optionally a plasticizer and low molecular weight acid, and (II) adding water to the premix with mixing to form a water continuous emulsion of the curable elastomeric polymer having a solids content of greater than 75%, an average particle size less than 5 &mgr;m, and having sufficient stability to produce a stable lower solids emulsion upon dilution with water.