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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: Peter Bourgeois who wrote (1975)	8/28/1998 4:33:00 PM
From: PHILLIP FLOTOW	Read Replies (1) of 7235

Peter, Some good news, but it's probably too soon to tell. Friday August 28, 3:04 pm Eastern Time Lazare Russia operations not hurt by crisis NEW YORK, Aug 28 (Reuters) - Diamond and jewelry seller Lazare Kaplan International Inc. said its operations in Russia are not affected by the devaluation because diamonds on the worldwide market are not denominated in dollars. The company said in a statement that it has reached its targeted production level of $5.0 million per month of large polished gem diamonds from its cutting and polishing facility in Moscow and has been receiving consistent shipments of these stones during the month. ''Our business in Russia remains strong and is expanding on schedule, and we continue to be optimistic that the flow of diamonds will continue at a regular pace,'' the company said in a statement. The company's stock was last at 8-3/8, down 3/8 on the day. Its Russian operation is part of a three-way project between Russia's largest diamond producer Alrosa, U.S. Eximbank and Lazare Kaplan. PHIL

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