RE:Talking about Royalties
The mechanism for how Clara achieves its revenue has not been revealed yet.
However, since Clara is a fully owned subsidiary of Lucara it seems to me that they cannot sell the stones in their own right.
Furthermore, the Govt of Botswana is due 10% royalty on any stones sold by Lucara.
The only scheme that makes sense to me is that Clara must bill the buyer with an additional royalty on top of the price they pay Lucara.
The only way I can see this working to the advantage to all 3 parties to the sale (LUC, Govt and Buyer) is if the royalty levied by Clara were significantly lower than the profit that the erstwhile middlemen would have taken. This apparently would be the case, and significantly so.