Summary of LAZARE KAPLAN INTERNATIONAL INC

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

Lazare Kaplan International Inc. (the "Company") received a Deficiency Letter from NYSE Regulation (the "Staff"), on behalf of NYSE AMEX LLC (the "Exchange") dated September 16, 2009, relating to the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended May 31, 2009 (the "Annual Report"). In this letter, the Staff informed the Company that the timely filing of the Annual Report is a condition for the Company's continuing listing on the Exchange, as required by Sections 134 and 1101 of the Exchange's Company Guide (the "Company Guide"). In addition, the Company's failure to file the Annual Report is a material violation of its listing agreement with the Exchange. Pursuant to 1003(d) of the Company Guide, the Exchange is authorized to suspend, and unless prompt corrective action is taken, remove the Company's common stock from the Exchange.

As stated in the letter, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide. Accordingly, the Company has advised the Staff that it intends to submit a plan of compliance ("Plan") by September 30, 2009, advising the Exchange of action it has taken, or will take, that will bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than December 15, 2009 (the "Plan Period").

If the Company does not submit a Plan, or submits a Plan that is not accepted, it will be subject to delisting proceedings. Furthermore, if the Plan is accepted but the Company is not in compliance with the continued listing standards by the end of the Plan Period, or does not make progress consistent with the Plan during the Plan Period, the Staff will initiate delisting proceedings as appropriate.

The Company is currently evaluating the steps needed to bring the Company into compliance but is unable at this time to estimate when the Annual Report will be filed.

A copy of a press release relating to the foregoing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.