Lucara Diamond has extended its supply agreement with HB Antwerp to supply diamonds produced in excess of 10.8 carats in size from its 100% owned Karowe Diamond Mine in Botswana. These large, high value diamonds account for approximately 70% of Lucara’s annual revenues. Though the Karowe mine has remained fully operational throughout the COVID-19 pandemic, Lucara made a deliberate decision not to tender any of its +10.8 carat inventory after early March 2020 amidst the uncertainty caused by the global crisis.

Under the terms of this agreement, the purchase price paid for each >10.8 carat rough diamond is based on the estimated polished outcome, determined through state of the art scanning and planning technology, with a true up paid on actual achieved polished sales thereafter, less a fee and the cost of manufacturing.

In the TV clip below, Lucara’s CEO Eira Thomas explains the business, including the deal with Louis Vuitton and tells us more about Clara, Lucara’s wholly owned digital sales platform