Lucara Diamond Corp. has announced the sale of its 100 percent interest in the Clara Rough Diamond Sales Platform to its original founders, a group led by the HRA Group of Companies and Lucara’s former CEO, Eira Thomas. The transaction, which is valued at approximately $3 million in cash, also involves the return of 10 million Lucara common shares issued during the platform’s acquisition in 2018.
Clara, a digital marketplace that leverages technology to enhance transparency and efficiency in rough diamond trading, was originally acquired by Lucara to modernize the traditional diamond sales process. The platform uses innovative verification technologies to integrate provenance and traceability, addressing the industry’s demand for greater standards of transparency and trust.
Under the terms of the agreement, the Founders will acquire full ownership of Clara Diamond Solutions GP Inc., Clara Diamond Solutions Limited Partnership, and Clara Diamond Solutions B.V., including all intellectual property, commercial contracts, and operating assets. Lucara will retain a three percent Net Profit Interest on Clara’s net earnings and has granted Clara a five-year rough diamond supply agreement for stones meeting the size and quality specifications previously sold through the platform. This supply agreement may be terminated after the second anniversary or as otherwise mutually agreed between the parties.
“The divestiture of Clara allows us to sharpen our strategic focus on maximizing returns and long-term value creation at our Karowe Diamond Mine in Botswana,” commented William Lamb, Lucara’s President and CEO. “Our core growth strategy lies in the successful execution of the Karowe underground expansion project. While Clara is an innovative platform for rough diamond sales, scaling the platform through onboarding other producers’ rough production was challenging under Lucara’s ownership as a pure-play diamond producer. We remain confident that the technology will play a significant role in shaping a demand-driven diamond sector, as reinforced by our ongoing supply agreement with Clara.”
Aaron Ariel, Managing Director and original founder of Clara, expressed excitement over reclaiming ownership and advancing the platform’s growth. “Nine years ago, while sorting through a mountain of rough diamonds at our factory, we envisioned a technology that could transform the global rough diamond market. Today, we are thrilled to explore its full potential, which remains largely untapped. Our goal is to establish Clara as the industry’s premier global rough diamond marketplace, partnering with stakeholders across the supply chain to create a more transparent and profitable industry for all.”
