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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.

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