07:13 AM EDT, 10/07/2024 (MT Newswires) -- Lucara Diamond ( LUCRF ) overnight Sunday said it has sold its Clara Rough Diamond Sales Platform for US$3 million in cash to its original founders, a group led by the HRA Group of Companies and Eira Thomas.

The buyers will also return the 10 million Lucara common shares that were initially issued as partial consideration when Lucara acquired the Clara platform in 2018.

Clara is a rough diamond digital marketplace that uses technology to connect buyers and sellers, and integrates provenance and traceability services, addressing the industry's need for improved standards of transparency and trust.

The company will retain a 3% net profit interest on Clara's net earnings. The company has also granted Clara a 5-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform. This supply agreement may be terminated after the second anniversary or as otherwise mutually agreed between the parties, Lucara said.

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