Last March, the Canadian mining company Lucara Diamond Corp announced the purchase of Clara Diamond Solutions, a digital platform that uses blockchain technology to adjust rough diamond production with the sale of finished precious stones. This now allows Lucara to instrumentally control each piece more accurately throughout the entire market process.
The acquisition came about this year after William Lamb, former CEO of Lucara Diamond Corp, announced his retirement. Eira Thomas, co-founder of the company, will now assume the role of CEO and Catherine McLeod Seltzer, also co-founder of Lucara, will join the Board of Directors.
The Lucara Clara Platform Goal
The company's goal with this year's new acquisition has always been to improve transparency and provide a higher level of assurance to consumers about the origin of their stones. The main objective is to increase transparency throughout the supply chain. The blockchain platform from Clara Diamond Solutions creates a record of the operations to ensure that they are not blood diamonds or camouflaged synthetic stones.
Lucara Clara Platform Advantages & Benefits
Lucara's blockchain implementation is designed to track and authenticate diamonds and precious metals from their place of origin to their retail location. Assuring customers that their jewelry purchases are made ethically provides the services of:
- Digital Verification.
- Physical verification of the product.
- Physical verification of the process.
- Third Party Supervision.
Lucara Clara Platform Objectives & Goals
By applying the technology, both companies intend to digitize processes, establish a shared and unchanging record of transactions within the network and allow access to reliable real-time data.
All consumers are deeply concerned about the quality and origin of the jewelry they buy. More than two-thirds of consumers worldwide are willing to spend more to support sustainable brands. Lucara Diamond is an example of how blockchain is transforming industries through transparency and viable new business models that specifically benefit the consumer.
How Lucara Clara Platform Works
Lucara is marketing a selection of diamonds from the Karowe diamond mine in southern Africa. Its new blockchain combined with the Cloud optimizes and makes the diamond supply chain more efficient, as this technology ensures that the rough diamond is sourced from the mine until it reaches the end customer.
From the outset, Clara Diamond Solutions proposed a digital business solution that uses blockchain to unlock value and ensure the origin, integrity and transparency of the diamond throughout the value chain. Both Clara and Lucara Diamond Corp are innovating a technologically advanced mine design to optimize revenue and minimize diamond losses through the successful integration of the technology.
Lucara Clara Platform Mining Industry And Ecosystem
Lucara Diamond is the diamond mining company responsible for finding the world's second largest diamond, Lesedi La Rona, which was found at the Karowe mine in Botswana.
Clara and Lucara Diamond are not the only companies that have thought about the benefits of blockchain for tracking and optimizing the diamond supply chain. Late last year, a group of Russian diamond mining companies revealed that they were looking for ways to implement blockchain solutions that would allow customers to trace the origin of a diamond. While Everledger has been working to bring technology to the world of diamonds, forming a safe market block.