Lucara has sold the Clara rough diamond sales platform to the HRA Group, which developed the technology, and Eira Thomas (pictured), Lucara’s former CEO.
HRA and Thomas—who left Lucara last year—will pay $3 million in cash for the blockchain company, and HRA agreed to return 10 million common shares it received from Lucara when the miner purchased Clara in 2018.
At that time, Lucara issued HRA a total of 13.3 million shares, which were valued at $29 million—about $2.20 a share. Today Lucara’s shares were trading at 31 cents, so the returned shares are worth approximately $3.1 million.
Lucara will retain a 3% interest in Clara’s net earnings. It 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.
In a statement, Lucara CEO William Lamb said that while he believes the “Clara technology will play an important role in the shaping of a demand-driven diamond sector…the successful onboarding of other producers’ rough production [is] required to scale the platform, [and that] remains unattainable while the platform is owned by a pure-play diamond producer.”
He said the deal will enable Lucara to focus on the development of its Karowe mine in Botswana. Karowe made headlines in August when it produced a 2,492 ct. piece of rough. That stone is considered the second largest diamond is ever found.
In Lucara’s statement, Aaron Ariel, current managing director and founder of Clara, said the technology’s potential remains largely “unexplored.”
“We look forward to partnering with stakeholders throughout the supply chain who share our vision for a healthier, more transparent, and, last but certainly not least, a more profitable industry for all,” Ariel said.
Lucara purchased Clara after Thomas became Lucara’s CEO in 2018. Thomas became something of an evangelist for the technology, touting it in an open letter to the diamond industry and in an interview with JCK.
(Photo courtesy of Lucara)
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