Lazare Kaplan reports a 2% rise in gross margins for the first quarter

Lazare Kaplan International Inc., New York, said first quarter net sales, ended Aug. 31, were $54.1 million compared to $53.9 million in the same period last year. Gross margin for the quarter was $6.1 million or 11.3% higher compared to $5.1 million or 9.5% in the quarter.

The increase in gross margin reflects a favorable shift in sales mix toward higher margin polished stones as compared to the first fiscal quarter last year, the company said in a statement.

Net income for the quarter $0.4 million.

Lazare Kaplan International Inc. sells its diamond 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, Lazare Diamond.