Gem Diamonds in talks with Lucara

The total consideration is $3 million on closing and the return of 10 million Lucara common shares initially issued as partial consideration when Lucara acquired Clara in 2018.

Angola’s state-owned diamond producer said some clients were deterred by its partnership with Alrosa.

The miner said last year it was going ahead with a $40 million expansion of Diavik, which will extend the operation’s life to at least early 2026. 

The collection is headlined by seven “Old Masters”, notable historic diamonds from the Argyle mine that operated from 1983 to 2020.