Canada's Lucara Diamond, through its subsidiary Clara Diamond Solutions, has inked a cooperation agreement to include Sarine Technology's mapping and planning technologies into its sales platform, which applies algorithms to match rough diamond production with polished manufacturing demand on a stone by stone basis. To achieve this, Clara uses proprietary analytics together with the latest cloud and blockchain technologies to sell diamonds individually, based on polished demand, transforming the sales process, driving efficiencies and unlocking value for diamond producers and manufacturers alike.
According to the agreement, Clara will be the exclusive, worldwide customer for customized interfaces and versions of Sarine's Galaxy inclusion mapping technology and its Advisor optimal rough planning for use with Clara’s 100% owned, proprietary digital diamond sales platform. Clara is on track to launch in 2018, with inaugural rough diamond sales set to commence in the third quarter. Eira Thomas, CEO commented: "Using these technologies in combination with our proprietary analytics, Clara will sell rough diamonds on a stone by stone basis, based on a customers’ specific requirements and needs, aligning rough diamond production to polished demand and unlocking significant value throughout the diamond pipeline.”
Under the exclusive collaboration agreement with Sarine, selected diamonds recovered at a mine site will undergo Galaxy® inclusion mapping, creating a digital fingerprint that will be uploaded to the Clara platform. Simultaneously, diamond buyers will be uploading their specific polished diamond requirements in terms of size, cut, color and quality for their specific needs, creating an ‘order’ within Clara. Clara will use Sarine’s Advisor® optimal rough planning technology together with proprietary analytics to match individual, scanned rough diamonds to the buyers optimal polished requirements. Lucara notes, "By eliminating the 'batch' style sales process, which is focused on selling diamonds in assortments and can only ever achieve 'average' prices, Clara sells diamonds individually and achieves the best possible price for each diamond. Diamonds will be uploaded for sale as soon as they are recovered from the mine and processed through the Sarine Galaxy scanning and Advisor planning technology. Batching of rough diamonds for tender, auction, and site allocation will no longer be necessary, eliminating inventory carrying costs and smoothing out revenue streams."
Clara commercialization efforts are well underway and tracking to schedule and budget. Clara has identified a selection of industry-leading diamond manufacturers and integrated jewelry houses that have agreed to participate in a trial of the digital sales platform beginning in the third quarter of 2018. Clara will initiate sales on the platform using selected diamonds recovered from Lucara’s Karowe diamond mine.