Lucara Diamonds, which is one of the most prominent diamond mining companies located in Botswana, is now looking forward to using blockchain technology to revolutionize their business from the ground up. The company bought blockchain-based retail platform Clara for $29 million to help sell its diamonds individually instead of in batches. It could assist in bringing more transparency to their system and change the supply chain game for the company.

Karowe Diamond Mine, which is formerly the AK6 Project, is one of the biggest and most resourceful mines in the world. One hundred percent owned and operated by Lucara Diamonds, the mine has been in production since 2012.

It produces large numbers of Type IIA diamonds of more than 10.8 carats. The 1,109 carats Lesedi La Rona, which is considered the second largest gem ever found and was sold for more than $53 million in 2017, came from this mine.

The company owes its success to technology and, recently, decided to begin using blockchain tech. It bought blockchain-based retailer Clara, which was earlier being used to sell rough diamonds online.

The retailer will now sell individual diamonds, rather than just batches and, later, become a third-party producer. Their solution can help make supply chains less opaque, make loan disbursement easier and reduce the need for paper invoicing.

Lucara Diamonds CEO, Eira Thomas, shared her views on the company’s latest move. The company’s technology enables them to grade and define the diamonds early in the process.

With the help of blockchain technology, they could strengthen the process further and provide “fair trade, responsibly sourced” gems. Thomas said that the use of blockchains would help consumers understand “where their diamonds come from.”

She added:

“For the first time in the diamond business, we will be disrupting the value chain, and selling the diamonds individually as opposed to selling diamonds in assortments or batches. We see it as a game changer with respect to the diamond supply chain.”

She also talked extensively about attracting more women to the mining industry and bringing more diversity by educating girls at a young age.

Lucara Diamonds Acquires Blockchain-based Retail Platform Clara was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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