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Lazare Kaplan Plans to Open Israel Office

Jan 13, 2010 5:17 AM   By Avi Krawitz
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RAPAPORT... Lazare Kaplan International (LKI) is planning to open an office in Ramat Gan and transfer a substantial portion of its operations to Israel, the Israel Diamond Exchange (IDE) reported. The news follows last week's news that the Antwerp Diamond Bank (ADB) has terminated two credit facilities held by LKI’s Antwerp subsidiary, with $43 million outstanding.

LKI chairman Maurice Tempelsman met with IDE president Avi Paz in Ramat Gan on Wednesday to discuss LKI’s plans to import large quantities of rough diamonds to Israel, as well as its intention to move a significant portion of its polishing business to Israel.

"The fact that a company the size of Lazar Kaplan chooses to open in the Israeli Diamond Exchange (IDE) and transfer a substantial part of its operations here is an extraordinary expression of confidence in the Israeli diamond industry,” Paz said. He added that LKI’s local operations would help increase Israel’s trade in both rough and polished diamonds and contribute to Israel’s economy in a meaningful manner. 

LKI is in the process of regaining compliance with the New York Stock Exchange (NYSE) after it delayed on filing its annual report for fiscal 2009. The NYSE granted LKI an extension deadline of December 31, 2009, which the firm missed. LKI subsequently requested another five-month extension.
Tags: Antwerp Diamond Bank, Compliance, Economy, Israel, Israel Diamond Exchange, Lazare kaplan, Polishing
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