Gemfields (LON:GEM) said it saw “solid overall demand” for emeralds and beryl put up for auction earlier this month in Jaipur, India.
It made a “healthy” US$9 million from its latest sales, bringing the running total to almost US$78 million in the current financial year.
A total of 10.85 million carats of mainly lower quality stones were offered, with 3.47 million sold.
The company’s ethical Zambian emeralds were sought after, though Gemfields reported some weakness in demand for the very lowest quality grades.
Chief executive Ian Harebottle said: “General economic instability typically has a greater negative impact on the lower quality grades than it does on the higher quality material, the latter often being seen as a store of value in times of uncertainty.
“This effect was clearly seen at this auction, where demand for the lowest quality grades was indeed weaker than it has been for some time.
“However, due to the company's strong cash position and operational performance, Gemfields was not obliged to sell lots at sub-optimal prices and is confident in the long term value of these gems.
“Overall, the on-going appetite for better grades remains firm and ensured that Gemfields was able to deliver another set of encouraging auction results thanks to our positive momentum, the success of our marketing initiatives and the consistency of the emeralds produced at our Kagem mine.
“In addition, the results are particularly pleasing given that a large supply of rough emeralds recently entered the Indian market from other sources, creating an isolated period of considerable supply which is not sustainable and which bodes well for future auctions"
The company has a 75 per cent in and runs Kagem emerald mine in Zambia, the world's largest emerald mine.
In addition to the Kagem, Gemfields has a 50 per cent interest in the Kariba amethyst project, in Zambia.
It also owns controlling stakes in a highly prospective ruby deposit in Mozambique and licences in Madagascar including ruby, emerald and sapphires deposits.