News & Media

Clara modernises how rough diamonds are sold, using technology to connect buyers and sellers, driving economic efficiencies for buyers and sellers. 

The technology enables verification technologies to efficiently integrate provenance and traceability services by transacting individual rough diamonds. This innovation addresses the industry's need for improved standards of transparency and trust. 

Lucara Diamond Corp. is selling the platform to its original founders, a group led by the HRA Group of Companies and former Lucara CEO, Eira Thomas. Lucara will retain a 3% Net Profit Interest on Clara's net earnings. 

Lucara has also granted Clara a five-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform. This supply agreement may be terminated after the second anniversary or as otherwise mutually agreed between the parties.

William Lamb, President and CEO of Lucara commented, "The divestiture of Clara enables us to intensify our strategic focus on maximising returns and long-term value creation at our world-class Karowe Diamond Mine in Botswana. Our core competencies and future growth reside in the successful execution of the Karowe underground expansion project.”

The initial cost estimate for the underground expansion project was around $500 million – this was increased by a quarter pushing the project cost to $683 million last year. All this while an 18-month delay in its commissioning schedule is being addressed.

Clara will be sold for $3 million in cash and 13.4 million Lucara shares which, at the diamond miner’s current share price, is worth about C$5.9 million.