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") submitted a plan (the "Plan") to NYSE AMEX LLC (the "Exchange") on October 7, 2009, which outlines the Company's plan to regain compliance with the Exchange's continued listing requirements. The Exchange has not as of yet provided the Company with a time table for its formal response to the Plan, and the Plan's acceptance is at the discretion of the Exchange. If the Plan is accepted, the Company expects that it will be subject to periodic review by the Exchange to determine whether it is making progress consistent with the Plan.

The Company previously announced that it will delay filing its Annual Report on Form 10-K (the "Form 10-K") for the fiscal year ended May 31, 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"). The Company is working diligently to resolve the Material Uncertainties and address the Company's noncompliance with relevant Exchange rules as expeditiously as possible. The Company believes that the Plan provides a reasonable basis upon which the Material Uncertainties can be resolved in a timely manner so that the Company would be in a position to file the Form 10-K prior to December 15, 2009.

Although the Company is committed to working with the Exchange to find a way to regain compliance, the Company intends to take steps to trade on the over-the-counter market should Exchange approval of the Plan not be forthcoming.

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