Sourcing

Lucara Sells Clara to Its Original Founders

SourcingOct 10, 2024

Lucara Sells Clara to Its Original Founders

CEO William Lamb said divesting the diamond sales platform allows the company to focus on the underground expansion of Karowe.

1094 carat rough diamond Karowe mine
The 1,094-carat rough diamond recovered from Lucara Diamond Corp.’s Karowe mine in Botswana last month. The diamond mining company has sold its rough diamond sales platform, called Clara, to the group that founded it almost a decade ago.
Vancouver, British Columbia—Lucara Diamond Corp. announced this week that it is selling its rough diamond sales platform back to its founders, a group that includes the mining company’s former CEO.

Clara Diamond Solutions is a technology-led platform that utilizes proprietary analytics, as well as cloud and blockchain technologies, to sell rough diamonds to customers one-by-one based on their needs, rather than in assortments that may contain stones they cannot use.   

It was designed to streamline the supply chain and make it more efficient, and also allows buyers to be able to trace diamonds back to their source.

Lucara originally acquired Clara from its founders in 2018 for an up-front consideration of 13.1 million shares of Lucara (then worth about $29 million).

The company also agreed to a profit-sharing mechanism whereby the technology’s founders received a percentage of the annual EBITDA generated by Clara every years for 10 years.

As of Oct. 4, Lucara is divesting 100 percent of its interest in Clara to a group led by Vancouver-based diamond manufacturer HRA Group and Eira Thomas.

Thomas served as Lucara’s CEO from February 2018 to August 2023, when the company reinstated William Lamb as CEO

 Related stories will be right here … 

Under the terms of the sale agreement, the founders will acquire Lucara’s interests in Clara Diamond Solutions GP Inc., Clara Diamond Solutions Limited Partnership, and Clara Diamond Solutions B.V., including all intellectual property rights, commercial contracts, and operating assets.

The founders will pay $3 million cash at closing for Clara plus the return of what amounts to 13.4 million shares of Lucara.

Lucara will retain a 3 percent net profit interest on Clara’s net earnings.

The mining company also has granted Clara a five-year rough diamond supply agreement for stones meeting the size and quality specifications for diamonds traditionally sold through the Clara platform.

The agreement can be terminated after its second anniversary, or at any time that both parties agree to do so.

The sale is subject to customary closing conditions and amendments.

Lamb said selling Clara allows Lucara to focus on the Karowe Diamond Mine in Botswana, its one active diamond mine.

“The company’s core competencies and future growth reside in the successful execution of the Karowe underground expansion project. While the Clara platform provides an innovative digital channel for rough diamond sales, the successful onboarding of other producers’ rough production required to scale the platform remains unattainable while the platform is owned by a pure-play diamond producer,” he said.

“Lucara maintains its conviction, reinforced by our supply agreement with Clara, that this technology will play an important role in the shaping of a demand-driven diamond sector.” 

Aaron Ariel, who co-founded Clara alongside Ophir Stolov and is currently HRA Group’s vice president of operations and strategy, said they cannot wait to work with the Clara team on taking the platform “to the next level.” 

“Nine years ago, while at our factory sorting through a mountain of rough diamonds—many of which we didn’t need but were required purchases, bundled inseparably with product needed to fulfill urgent orders—we had a big idea for a technology that could transform the global rough diamond market for everyone,” he said. 

“Today, we are excited about the opportunity to realize its full potential, which remains largely unexplored.” 

The Latest

Swarovski lab-grown diamond Galaxy earrings
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024

The company also noted record sales in the United States and a strong performance in its jewelry category.

Til Death Ring by Marrow Fine
TrendsMar 21, 2025
Piece of the Week: Marrow Fine’s ‘Til Death’ Ring

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

Korman Fine Jewelry Austin store
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

JCK Rocks 2025
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason Derulo

The rapper and singer-songwriter will perform at Tao Beach on June 8.

Weekly QuizMar 21, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Conversations with Chris Ploof YouTube Video Series
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

Limelight Lab Grown Diamond store in India
Lab-GrownMar 20, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond Sector

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

ja-btyb-topimage.png
Brought to you by
Have a Plan for Emergencies

Emergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.

Lab-grown diamond engagement ring
MajorsMar 19, 2025
Signet Jewelers to Close Stores, Cut Staff Amid Declining Sales

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

Zoë Kravitz in Rush Hour Collection
CollectionsMar 19, 2025
Jessica McCormack’s New Collection Elevates Office Wear

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Gallet Flying Officer watch
WatchesMar 19, 2025
Breitling Acquires Another Watch Brand From the 1800s

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.

Mediterranean Blue diamond
AuctionsMar 19, 2025
10-Carat Fancy Vivid Blue Diamond Expected to Sell for $20M

Dubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.

American Gem Society Jewelry Evaluation Advisor logo
MajorsMar 19, 2025
AGS Adds New Program, Relaunches CSA

The American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.

Beck pieces created for residency at Trove
CollectionsMar 18, 2025
Beck Debuts New Collection as Trove’s Latest Designer-in-Residence

Rebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.

National Jeweler columnist Peter Smith
ColumnistsMar 18, 2025
Peter Smith: The Importance of Culture in Hiring

Smith explores why a qualified candidate might still not be right for the job.

Finks Jewelers Emmy award
Events & AwardsMar 18, 2025
Fink’s Jewelers Is Now a Regional Emmy Winner

The company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.

Citizen premiere
WatchesMar 18, 2025
Citizen Announces New Modern Luxury Watch Category

The “Series8” and “Attesa” collections will be grouped under Citizen Premier.

Borsheims Assistant IT Manager David Fager
MajorsMar 18, 2025
Borsheims Names New Assistant IT Manager

David Fager, a former systems engineer at the retailer, was promoted to the role.

The 2025 Gem Awards
Events & AwardsMar 17, 2025
Gem Awards Honor All Facets of the Industry

From retailers to designers and the media, the fine jewelry industry recognized one another’s work and looked to the future.

Eleanor H. Yeh GIA jewelry design
Events & AwardsMar 17, 2025
GIA Names Winner of Emerging Jewelry Design Talent Award

Eleanor H. Yeh is the recipient of the eighth annual Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.

 Joseph Cavalcante Tous managing director
MajorsMar 17, 2025
Tous Names U.S. Managing Director, VP

Joseph Cavalcante takes on the dual role as the Spanish jewelry brand looks to expand further into the U.S. market.

Continental Buying Group logo
Events & AwardsMar 17, 2025
CBG Expands Las Vegas Show to 3 Days

The trade show has also upgraded its venue to the Caesars Forum Conference Center.

Stafford’s Diamonds closing ad
IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 Years

The Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.

Alan Zimmer
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter Award

Reeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.

Sorellina’s Aries Zodiac Pendant
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac Pendant

The piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.

Tanishq Atlanta store
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.

The Indian jewelry brand recently opened stores in Atlanta and Seattle.

Woman wearing Brilliant Earth jewelry
FinancialsMar 13, 2025
Brilliant Earth’s 2024 Sales Struggled Amid Engagement Recovery

CEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy