Prices for lower-grade stones were up 42% in H2.

The company said the sales demonstrated a progressive return and stabilising of demand, though prices were still off their 2008 peaks.

Following the encouraging response from the November sales, it will conduct further non-sight sales during December rather than the previously planned 4th Sight.

MD Zane Swanepoel said, 'We are pleased to report an increase of over 40% in the average per carat price of the smaller, fracture and lighter stones. This is testimony to the success of the company's new grading, marketing and sales initiative.

'We are also very pleased that the Tanzanite mine has already achieved its 1.7m carat production target and that encouraging results have been obtained from the Tsavorite exploration project.'

Story provided by Business Financial Newswire