Lucara Diamond is disrupting the current way to trade by using blockchain technology that connects buyers and sellers
Lucara Diamond, which recently found the second-largest diamond in history in Botswana, is taking on industry giants such as De Beers and Alrosa PJSC with an online platform to replace the current physical auctions.
In a series of trials, Vancouver, Canada-based Lucara claims that prices were 8 per cent over Lucara’s traditional market price. It’s now trying to bring other independent producers on board, with the aim of moving at least a portion of the US$18 billion annual diamond trade onto its site called Clara.
Clara incorporates blockchain technology, which is seen as a promising avenue for an industry that has been plagued by ethical problems, including the trade in so-called “blood diamonds” used to finance armed conflicts. Lucara is far from the only miner who has seen the benefits of the digital ledger in guaranteeing the provenance of its product.
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