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Lucara Completes First Sale on Clara Platform

Miner expects production to fall in 2019.
Jan 8, 2019 9:00 AM   By Rapaport News
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RAPAPORT... Lucara Diamond Corp. recorded an 8% premium in the inaugural sale of rough on its new digital platform, which it completed last month, the miner reported Tuesday.

Five out of seven participating manufacturers and jewelers came away with goods, with total proceeds reaching $660,865, Lucara said. The platform, Clara Diamond Solutions, uses technology to match buyers with available rough based on their polished needs.

The goods that sold beat the company’s market rate by 8% and exceeded their reserve prices by 15%. The producer offered rough diamonds ranging from 1 to 4 carats in higher colors and qualities, as well as goods from other suppliers.

Lucara plans to hold a second Clara sale later this month, and will then increase the frequency during the rest of the year. Future sales will also involve a larger number of customers, with the miner using the results of the December sale to help it select goods for the program in the future.

“Though we are delighted with the prices achieved for the rough diamonds sold in this first sale, Clara’s longer-term value will be realized through its scalability, increasing the volume of rough diamonds transacted by adding production from other global diamond producers,” said Lucara CEO Eira Thomas.

Lucara will sell its diamonds both on Clara and through its regular tenders. The company anticipates total revenues of $170 million to $200 million this year, compared with its forecast of $180 million to $190 million for 2018, it said Tuesday.

Production will drop to between 300,000 and 330,000 carats, versus planned output of 325,000 to 350,000 carats last year, it predicted. The miner anticipates sales volume falling to between 300,000 and 320,000 carats from expected sales of 325,000 to 350,000 carats in 2018.

Image: Sorting at Lucara’s Karowe mine in Botswana. (Lucara Diamond Corp.)
Tags: Botswana, Clara, Clara Diamond Solutions, Eira Thomas, Karowe, lucara, Lucara Diamond Corp., mining, Rapaport News, Rough Diamonds, rough sales, technology, Tenders
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