Canada-based Lucara Diamond has sold its 100% interest in the Clara rough diamond sales platform to its original founders, led by the HRA Group of Companies and Lucara’s CEO, Eira Thomas.
The Clara platform, a digital marketplace for rough diamonds, is designed to modernize the diamond trading process by connecting buyers and sellers through advanced technology.
Clara offers verification technologies that integrate provenance and traceability services, providing greater transparency and trust in transactions of individual rough diamonds.
Under the terms of the agreement, the founders will acquire full ownership of Clara Diamond Solutions, Clara Diamond Solutions Limited Partnership, and Clara Diamond Solutions Inc., along with all intellectual property rights, commercial contracts, and operating assets.
The deal is valued at approximately $3 million in cash, payable at closing, and includes the return of 10 million Lucara common shares that were initially issued when Lucara acquired Clara in 2018.
Additionally, liabilities tied to sales performance metrics or any change of control, amounting to a share issuance obligation of 13.4 million Lucara common shares, will be transferred to the new owners.
Lucara will retain a 3% net profit interest on Clara’s future earnings and has granted a five-year rough diamond supply agreement for diamonds that meet Clara’s size and quality specifications. This supply agreement can be terminated after two years or through mutual agreement.
Lucara’s CEO, William Lamb, emphasized that the divestiture allows the company to sharpen its focus on maximizing returns and long-term value at its Karowe diamond mine in Botswana, particularly through the Karowe underground expansion project.
“The Clara platform is innovative, but scaling it by onboarding other producers has been challenging while under Lucara’s ownership.
However, we remain confident in the technology’s role in shaping a demand-driven diamond sector, as reinforced by our ongoing supply agreement with Clara,” Lamb stated.
The effective transaction date is October 4, subject to customary closing conditions and amendments.
