Lazare Kaplan International Inc. reported that net sales for the third quarter ended Feb. 28, totaled $104.3 million compared to $157.9 million in the prior year period. The company’s net sales for the nine month period ending on the same date totaled $337.6 million, compared to $393 million a year earlier.

The company said the decrease in sales primarily reflects the transfer during the second fiscal quarter 2007 of certain rough trading operations to a separately operated joint venture which the company accounts for on the equity method.

Lazare Kaplan 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, Lazare Diamonds(r).

JCK