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Gemfields (LON:GEM) has unveiled another record-beating auction result - this time from sales of lower quality rough emerald and beryl from the Kagem mine in Zambia.
The average realised price was US$3.72 per carat, a new record for lower quality auctions, the miner revealed.
The auction saw 10.1 million carats put on offer in Lusaka between February 24 and 27, with 19 of the 26 lots offered snapped up, representing 3.9mln carats.
It generated auction revenues of US$14.5 million.
Also on offer were higher quality amethyst stones from Kariba Minerals, in which Gemfields has a 50% stake.
Revenues from that sale came in at US$0.45 million, while the average realised price was 1.77 US cents per carat.
Of the 27.7 million carats offered, 25.2 million carats were sold.
Gemfields chief executive Ian Harebottle said: "We've set another record for realised per carat prices at an auction of lower quality emerald and beryl, and have now completed seven successful auctions in Zambia, all during the last 22 months.
"It is pleasing to see a total of 88% of the total value of the lots placed on offer being bought and Zambian emeralds continuing to enjoy such firm demand.
"Gemfields is increasingly becoming the supplier of choice for many of the world's leading polishing and jewellery-manufacturing houses.
"We look forward to our auction of lower quality Montepuez ruby in Jaipur later this month where we believe the market is as excited as we are to be a part of this first ever offering of such a considerable volume of non-domestic ruby rough in India."
He told Proactive he believed demand for Kagem gemstones would be likely to be sustained for the "foreseeable" future.
Upcoming newsfow will include not only the auction of lower quality rough rubies and corundum from the Montepuez ruby project but also first half numbers.
So far, the company's 18 auctions of emeralds and beryl mined at Kagem since July 2009 have generated a total of US$325mln in revenues.
Broker heavyweight JP Morgan Cazenove rates the stock 'neutral' following the statement.
It reckons lower quality auction results are not a "particularly strong indicator" of the firm's position and prospects but highlighted what was important was its adaptation to the restrictions imposed on the sale of gemstones mined in Zambia.
In 2013, the government barred auctions of gemstones outside Zambia.
Investec said the auction was 'encouraging' from a US dollar per carat perspective.
"The real value generation at Kagem comes from the high quality stone auctions that typically account for around 70% of the value of the product from the mine, and for which we have continued to see strong price appreciation."
Gemfields shares eased 2.11% to 46.5p.