Richland Resources said it recorded sales revenue during late October and early November of around $388,000, indicating signs of an early recovery in sapphire prices.
Prices were pressured in the third quarter by a continued influx of illegally-mined gems from an environmentally-protected region in Madagascar, Richland said.
This led the company to carry over the majority of its stock from third-quarter production at its Capricorn Sapphire mine in Australia into the fourth quarter.
"Whilst prices have continued to be affected during the sales period by unethically mined production, the sales results achieved show signs of the beginning of a price recovery for the company's transparent supply chain model," it said.
At 8:31am: (LON:RLD) Richland Resources share price was 0p at 0.6p