Revolutionizing the Diamond Industry with Eira Thomas

This week on On the Rocks, all that glitters is not gold - it’s diamonds! Host Emily King sits down for a chat with Eira Thomas, the President and CEO of Lucara Diamond to discuss diamond 101, Eira’s journey into the diamond mining industry, and much more!

Diamonds have always been a valuable commodity, not only because of their high monetary value but also because of the sentiment attached to them. Today, there are fewer than 25 active diamond mines in the world, and investing in diamonds can be a great way to get started investing in mining.

What makes a diamond though? Diamonds are made of carbon and formed deep within the earth’s mantle over millions of years. Kimberlite pipes then bring the diamonds to the earth’s surface through volcanic eruptions. Diamonds are the hardest known naturally occurring substance on Earth, with a hardness of 10 on the Mohs scale. Fun fact - the word “diamond” comes from the Greek word “adamas”, which means “unconquerable” or “indestructible”!

Eira and Emily discuss industrial versus gem quality diamonds, and how processing and sorting methods are changing and evolving with new technologies. Lucara has been working to create better alignment along the diamond value chain, and providing a secure, online marketplace called Clara for consumers to buy diamonds directly. This innovative approach connects with ESG by providing consumers with assurance of diamond provenance, allowing companies to work directly with communities to understand their needs and ambitions.

“Every mining company wants to do the right thing at the end of the day, and create benefits that are lasting for the communities in which they operate, but the most important thing is to understand what their priorities are and to work with those communities to find ways to meet those needs and priorities.”

Lucara is not only working with their local communities in Botswana, but also recently worked with a woman-led jewelry company, Shiffon, to bring ethically sourced diamonds to their newest jewelry line which celebrates the Women’s Tennis Association and 50 years pay parity in women’s sports!

Dig in to the full episode below to learn more!