Richland Resources Limited (LON:RLD) generated revenues of US$388,000 from the sale of rough sapphires in the period between 1 October and November 2017.
Although Richland had previously noted depressed sapphire prices during the third quarter of 2017, partly due to a continued influx of illegally mined sapphires from an environmentally protected region in Madagascar, the company now says that signs of a price recovery are evident.
READ: Richland Resources looking at new sapphire sales strategy for its ethical gems amid influx of unregistered stones
However, third quarter weakness has meant that stock from third quarter production from Richland’s Capricorn sapphire mine in Queensland has been held over for sale in the fourth quarter.
READ: Richland Resources raises £450,000 in oversubscribed share subscription
The next major sapphire sale of the company's product will take place in December.