logo-loader
viewLucara Diamond Corp

Lucara turns to blockchain with Clara acquisition

The acquired business uses blockchain to match rough diamond production with specific polished manufacturing demand

handshake
It is handing over US$29mln of shares to buy Clara

Lucara Diamonds Corp (TSE:LUC) has turned to blockchain technology as a potential solution to improve transparency in the diamond market.

It has struck a deal to buy blockchain start-up Clara Diamond Solutions Corp in return for US$29mln of Lucara shares.

Clara is described as “a commercially scalable, digital platform” which allows rough diamond production to be matched with specific polished manufacturing demand, while the blockchain elements of the system will ensure “provenance tracking” across the entire supply chain.

“Lucara intends to commercialise the Clara platform in the coming months using a selection of the diamond production from the company’s Karowe diamond mine,” the company said in a statement.

Separately, Lucara announced that Eira Thomas would be appointed as its new chief executive.

Quick facts: Lucara Diamond Corp

Price: 0.64 CAD

TSX:LUC
Market: TSX
Market Cap: $254.01 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

KORE Mining is cashed up and ready for exploration on 4 unique projects

KORE Mining (CVE: KORE) CEO Scott Trebilcock joined Steve Darling from Proactive to discuss the company, that is exploring 4 properties including their Imperial project which they just completed a positive PEA. Trebilcock tells Proactive about that gold project and also about their...

15 hours, 12 minutes ago

2 min read