Jaipur: Gemfields announced a new record average price for its lower-quality gemstones sold at an auction of rough emeralds in India last week.

The miner said it sold 2.78 million carats of gems extracted from its Kagem mine in Zambia for $14.3 million, implying an average price per carat of $5.15. The auction was held in the north Indian city of Jaipur from May 17 to 20.

The company is “confident that these numbers will be well surpassed in the years to come,” said Ian Harebottle, Gemfields’ chief executive officer.

The previous lower-quality sale of Kagem emeralds in Jaipur in November fetched $19.2 million at an average price of $4.32 per carat.

The average price increased last week even though certain goods failed to achieve their reserve price and were, therefore, held back. The company is “confident” about the quality and longer-term value of these lots.

Gemfields sold 14 out of 18 lots on offer, or 78 percent. It sold 76 percent by weight and 79 percent by value.