Lazare Kaplan Reports Higher Diamond Sales

January 20, 1999

Lazare Kaplan Reports Higher Diamond Sales

Lazare Kaplan International saw net sales of $74.7 million in the second quarter of its fiscal year, up 59.5% from $46.8 million during the same period last year.

The company sold $28.8 million in polished diamonds compared to $21.6 million in last year's second quarter. Higher sales of large gem-quality polished diamonds from LKI's Russian factory, plus stronger sales in Japan (partly due to LKI's new office that opened there this year) and the continued strength of the American market, all contributed to the increase, according to a company release. Rough diamond sales also increased to $45.9 million from $25.3 million last year, a 82% jump.

LKI President Leon Tempelsman says margins were slightly lower than expected, but that the company's improved product mix and the beginning of recovery in Japan provided a positive outlook for the rest of the fiscal year.

- by Stacey King