A leading diamond producer has reshuffled its management board as it embarks on a new journey incorporating blockchain technology.
Lucara Diamonds, a leading independent producer of large diamonds from its Karowe Mine in Botswana, has announced that its current Chief Executive Officer will retire and founder and director of the company Catherine McLeod Seltzer will assume the role.
William Lamb will retire as current CEO, having overseen the development of the Karowe Mine into one of world’s highest margin diamond mines.
New CEO Seltzer has been directly involved in more than $4 billion in corporate transactions in the past 25 years and has been instrumental in helping build a number of successful mineral companies, including, Arequipa Resources, Francisco Gold, Miramar Mining, Bear Creek Mining, Stornoway Diamonds and Peru Copper Inc.
The news comes soon after the company announced that it had acquired Clara Diamond Solutions Corp, with plans to utilise and implement the company’s secure, digital sales platform that will transform how rough diamonds are sold.
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Clara uses proprietary analytics together with cloud and blockchain technologies to modernise the diamond supply chain.
The platform allows buyers to source rough diamonds tailored to specific polished diamond demand resulting in improved margins for both buyers and sellers.
“The acquisition supports Lucara's reputation as an industry-leader in the adoption of new technology having invested in a technologically advanced mine design to optimize revenues and minimizing diamond losses through and building on the successful integration of XRT technology,” said the company in a statement.
“This is an acquisition of a digital business solution that uses blockchain to unlock value and ensure diamond provenance, integrity and transparency throughout the value chain, expanding Lucara's customer base, engaging new participants in the rough diamond supply chain, resulting in higher realised prices for our rough diamonds.”