1990: Polished Diamond Deals Turned Into Unpolished Diamond Deals
Lazare Kaplan International Inc. announced its results for first quarter of fiscal 1998, ending August 31, 1997.
Net sales were $45.2 million, compared to $69.4 million in the first quarter last year. The net loss was $659,000 compared to net income of $1.7 million.
Polished diamond sales were $18.2 million equal to the comparable period last year and rough diamond sales decreased dramatically to $27.1 million from $51.2 million a year ago. LKI attributed the stagnation in polished diamond revenues to shipment delays from the company’s Russian factories.
As for the drop in rough sales LKI in part blamed lower sales of better quality rough diamonds to the marketplace by De Beers as well as the closure of LKI’s buying operations in Zaire. Other contributing factors are, as with the polished shipments, the problems in exporting from Russia as well as the continuing turbulence in Angola.
However, for the year, the company did fairly well – with net sales of almost $250 million and net income of nearly $11.5 million.