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The GemFair program's pre-pilot stage will take place in West Africa's Sierra Leone.
Lucara Diamond acquires Clara, a digital platform which uses blockchain technology and cloud computing in selling its products in the diamond industry.
The rare diamonds that were expected to rake in a large amount of money were either unsold or just fetched in way below expectations.
Sales of rough diamonds in Belgium, Brazil and Botswana have not been impressive so far this year.
The sales of diamonds dipped but experts are expecting a rebound as winter holidays are coming up.
Russia is set to implement reforms in its diamond processing to compete with global leader India.