Lucara Divests Clara Diamond Solutions for Strategic Refocus

In a recent announcement, Lucara Diamond Corp. (TSX, BSE, Nasdaq Stockholm: LUC) revealed the sale of its 100% stake in the Clara Rough Diamond Sales Platform to its original founders, led by the HRA Group of Companies and Eira Thomas.

Clara is a pioneering digital marketplace that revolutionides the sale of rough diamonds by leveraging technology to connect buyers and sellers. It offers an efficient, transparent platform that integrates provenance and traceability services, addressing the industry’s growing demand for improved transparency and trust.

Under the terms of the agreement, the Founders will acquire all Lucara’s interests in Clara, including its intellectual property, commercial contracts, and operational assets. The sale is valued at approximately US$3.0 million in cash, along with the return of 10 million Lucara shares issued as part of Lucara’s acquisition of Clara in 2018. Additionally, liabilities tied to sales performance and control changes, amounting to an obligation of 13.4 million Lucara shares, will also be transferred to the Founders.

Lucara will retain a 3% Net Profit Interest on Clara’s future net earnings and has granted a 5-year supply agreement to provide rough diamonds that meet the platform’s specifications. This agreement can be terminated after the second year or as mutually agreed.

Lucara President and Chief Executive Officer William Lamb commented, “The sale of Clara allows us to sharpen our focus on maximising value at the Karowe Diamond Mine in Botswana, particularly as we advance the Karowe underground expansion. While Clara’s innovative platform has demonstrated the potential for a demand-driven diamond market, scaling it with other producers’ rough production proved difficult under Lucara’s ownership. We remain confident, however, that Clara’s technology will continue to play a transformative role in the diamond sector.”