Lucara will maintain a 3% net profit interest in future net earnings in Clara. Credit: RHJPhtotos.

Lucara Diamond has agreed to divest its 100% interest in the Clara Rough Diamond Sales Platform, known as Clara, to its original founders, led by the HRA Group of Companies and Eira Thomas.

Clara offers a digital marketplace that modernises the sale of rough diamonds by leveraging technology to connect buyers and sellers.

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Under the deal terms, the founders will take over complete ownership of Lucara’s interests in Clara Diamond Solutions GP, its limited partnership, and Clara Diamond Solutions B.V., including all intellectual property rights, commercial contracts and operating assets.

The transaction includes a cash payment of approximately $3m at closing, the return of ten million Lucara common shares and the transfer of liabilities that may result in an additional 13.4 million shares being issued.

Lucara will maintain a 3% net profit interest in future net earnings in Clara.

Furthermore, a five-year rough diamond supply agreement has been established between Lucara and Clara, guaranteeing a consistent source of diamonds that meet the platform’s historical size and quality criteria.

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This agreement holds the option for termination after two years or by mutual consent.

Lucara CEO and president William Lamb said: “The divestiture of Clara enables us to intensify our strategic focus on maximising returns and long-term value creation at our world-class Karowe Diamond Mine in Botswana.

“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.”

Last month, Lucara Diamond announced the recovery of a 1,094-carat rough diamond from its Karowe Mine in Botswana.