Lucara Completes First Sale on Clara Platform

RAPAPORT... Lucara Diamond Corp. recorded an 8% premium in theinaugural sale of rough on its new digital platform, which it completed lastmonth, the miner reported Tuesday. Five out of seven participating manufacturers andjewelers came away with goods, with total proceeds reaching $660,865, Lucarasaid. The platform, Clara Diamond Solutions, uses technology to match buyerswith 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 diamondsranging from 1 to 4 carats in higher colors and qualities, as well as goodsfrom other suppliers. Lucara plans to hold a second Clara sale later thismonth, and will then increase the frequency during the rest of the year. Futuresales will also involve a larger number of customers, with the miner using theresults of the December sale to help it select goods for the program in thefuture. "Though we are delighted with the prices achieved for therough diamonds sold in this first sale, Clara's longer-term value will berealized through its scalability, increasing the volume of rough diamondstransacted by adding production from other global diamond producers," saidLucara CEO Eira Thomas. Lucara will sell its diamonds both on Clara and throughits 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 330,000carats, versus planned output of 325,000 to 350,000 carats last year, itpredicted. The miner anticipates sales volume falling to between 300,000 and 320,000carats from expected sales of 325,000 to 350,000 carats in 2018.Image: Sorting at Lucara's Karowe mine in Botswana. (Lucara Diamond Corp.)