Summary of LAZARE KAPLAN INTERNATIONAL INC

Item 8.01 Other Events.

Lazare Kaplan International Inc. (the "Company") will delay filing its Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended May 31, 2009 ("Fiscal 2009"), in order to resolve (a) a material uncertainty concerning the collectability and recovery of certain assets and (b) the Company's potential obligations under certain lines of credit and a guaranty (all of which, the "Material Uncertainties"). Previously, the Company filed Form 12b-25 with the Securities and Exchange Commission ("SEC"), wherein the Company stated that it is unable to assess the potential effect the ultimate resolution of the Material Uncertainties will have on the financial position and results of operation of the Company, and therefore its auditors will not be able to deliver an unqualified opinion with respect to the Company's financial statements required to be included in the Form 10-K for Fiscal 2009 until the Company is able to resolve satisfactorily such Material Uncertainties. As a result of this ongoing assessment, the Company was not able to file its Annual Report for Fiscal 2009 within the fifteen day period permitted upon filing Form 12b-25.

Such failure to file is likely to result in, among other things, the taking of action by the American Stock Exchange to remove the Company's Common Stock from listing on such Exchange. Such a delisting would likely result in a decrease in the price, the volume of trading and the overall liquidity of the Company's shares. Subject to certain notice and cure provisions, such failure to file may also cause the Company to not be in compliance with certain covenants in the Company's credit agreements, which would cause an event of default thereunder. The Company, subject to applicable cure provisions contained in such credit agreements, may also not be in compliance with one or more of the financial covenants contained therein.

The Company intends to file the Form 10-K for Fiscal 2009 as soon as possible after it resolves the Material Uncertainties, but it is unable at this time to estimate when the Material Uncertainties will be resolved or when the Form 10-K will be filed.

The Company has issued a press release relating to the above. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.