Lazare Kaplan International Inc., which is noted for its ideal cut diamonds marketed internationally under the brand name Lazare Diamonds, anticipates net sales of approximately $28.9 million and $126.1 million for the three and nine months ended February 28, 2010 as compared to net sales of $42.2 million and $161.7 million for the comparative prior year periods, according to a press release.

The diamond company, which has just filed a Notification of Late Filing with the Securities and Exchange Commission, for the quarter ended February 28, 2010, says that it continues its efforts to resolve a material uncertainty concerning the collectability and recovery of certain assets, and its potential obligations under certain lines of credit and a guaranty.

“Although there are early signs of improving trends, current adverse conditions continue to impact the company and the global diamond and jewelry industry. The company anticipates that its reported results of operations for Q3 2010 will reflect significant changes from the corresponding period of the last fiscal year. However, the company, at this time, can only give a reasonable estimate of its anticipated net sales for Q3 2010, which is subject to normal year end audit adjustments and the completion of the company's audits for its fiscal year ended May 31, 2009 and fiscal year ending May 31, 2010,” explains the press release.