NEW YORK, Feb. 23, 2006 (PRIMEZONE) -- Lazare Kaplan International Inc. (AMEX:LKI) announced today that it had received a license from the Government of Botswana to cut and polish diamonds in that country. The Company simultaneously announced the appointment of Mr. Alfred Majaye Dube as Managing Director of the wholly-owned Lazare Kaplan subsidiary established to hold and operate the license, Lazare Kaplan Botswana (Pty) Ltd.
Botswana is the world's largest producer of rough diamonds, with low-cost reserves sufficient to support long-term continuation of that role, and has recently designated local beneficiation of diamonds as a strategic economic priority. Lazare Kaplan was a pioneer of Botswana's cutting and polishing industry in the early 1990s, and following the sale of its local operation in 1998 has actively considered a return to the country.
"We are delighted to be resuming investment in Botswana as part of our core business, building on nearly two decades of friendship and constructive collaboration across a range of fields," said Mr. Leon Tempelsman, Lazare Kaplan's President. "And we are pleased to be able to have someone of the exceptional caliber of Alfred Dube to carry our plans forward in Botswana."
Alfred Majaye Dube was until October 2005 Botswana's Ambassador and Permanent Representative to the United Nations. That posting represented the culmination of an extraordinarily distinguished career in the Botswana Foreign Service, including appointment as ambassador to several European countries by the age of 40. In the course of his service he has acquired over 25 years' worth of hands-on experience with diamond matters, first as Undersecretary (Minerals) in the Ministry of Minerals, Energy and Water Resources, and later through management of both bilateral and multilateral initiatives such as the "Diamonds for Development" campaign that accompanied the global Kimberley Process certification scheme, to which he was appointed Special Envoy.
Lazare Kaplan International Inc. sells its diamonds and jewelry products through a worldwide distribution network. The Company is noted for its ideal cut diamonds, which it markets internationally under the brand name, The Lazare Diamond(r).
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include a softening of retailer or consumer acceptance of or demand for the Company's products, pricing pressures, adequate supply of rough diamonds and other competitive factors. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The information contained in this press release is accurate only as of the date issued. Investors should not assume that the statements made in these documents remain operative at a later time. Lazare Kaplan International Inc. undertakes no obligation to update any information contained in this news release.