Lucara To Launch Digital Sales Platform Clara in November

Rough Market
22/10/2018 17:09

Lucara Diamond Corp. will launch Clara Diamond Solutions, its 100% owned digital sales platform, in November 2018 with a select group of large vertically-integrated jewelry houses and global diamond manufacturers, the miner announced today. Rough diamonds offered in Clara's first sale will include a selection of diamonds from Lucara's Karowe mine and additional aggregated third-party rough diamonds consisting of stones between one and fifteen carats in size in the better colors and qualities.

Eira Thomas, CEO commented: "After several months of intense commercialization efforts which are tracking on schedule and under budget, we are excited to be moving forward with our first sale. Clara is a scalable business solution for the entire diamond industry that is long overdue and necessary to modernize, streamline and increase consumer confidence in the marketplace. The platform has received strong interest from the diamond community and we are delighted to have secured excellent partners, consisting of leading diamond manufacturers and jewelry houses." Clara uses proprietary analytics, with the latest cloud and blockchain technologies, to sell rough diamonds individually, based on polished characteristics and demand, transforming the sales process, driving efficiencies and unlocking value for diamond producers and manufacturers alike, the company says. 

The Clara system works as follows: Under an exclusive collaboration agreement with Sarine Technologies, a digital fingerprint of each rough diamond is created and uploaded to the Clara platform with a corresponding asking price.  Simultaneously, diamond buyers upload their specific polished diamond requirements in terms of size, cut, color and quality, including their desired purchase price, creating an 'order' within Clara.  Clara uses proprietary analytics to match individual, scanned rough diamonds to the buyers' optimal polished requirements. Clara earns the differential between the asking price and purchase price of each match as its revenue and requires a minimum transaction spread to facilitate an optimal match.

Clara has onboarded a select number of leading vertically integrated jewelry houses and global diamond manufacturers to participate.  These buyers shall place their polished diamond orders on Clara and Clara will run its first matching cycle. Clara will utilize the results of this inaugural sale to help optimize the quantity and selection of rough diamonds offered in the short term, as the platform moves into continuous sales.  Diamonds sold through Clara will supplement and be complimentary to Lucara's existing diamond sales channels which will continue to use tenders.

For a more in-depth explanation of the Clara Diamond Solutions project, see our interview with Eira Thomas.