Diamantaire Lazare Kaplan International (LKI) is facing delisting from the NYSE Amex, IDEX Online reported.

The struggling diamond company has reportedly received a notice from the American Stock Exchange on its intent to strike LKI's common stock due to its failure to file its annual report.

A statement by the jeweler said that its inability to resolve a "material uncertainty" relating to debt and asset collection prevents it from filing the financial report.

On April 30, LKI filed a $140 million lawsuit against a number of its insurers, citing their mishandling of diamond shipments has lost it "$94 million on sales that were not paid for. A total of $46 million are part of a “physical loss (…) resulting from the cutting and polishing operations in the Namibia manufacturing facility, Rough Diamond Trading China operations, and the DTC Sight operations.”

Lazare Kaplan International has decided not to contest the delisting decision.