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I think it's a good company," agrees Charles T. Akre Jr links of london., an analyst with Johnston Lemon & Co. Inc. who recently recommended Kay's stock as a good buy. With Kay's stock currently trading at around $12 a share, Akre says, "Kay shares have the characteristics of both an undervalued growth company and an asset-value investment."

Kay stores are selling nearly $190 million worth of cuff links and other jewelry a year, and the chain earned $16 million in profits last year. Those results represent a dramatic turnaround for the Alexandria chain acquired by the British firm Ralli International 12 years ago.

At the time, Kay -- once the nation's biggest jewelry chain -- faced tremendous cash-flow problems, including an operating loss of about $1.4 million in 1972 Links of London Bangles online.

Ralli, an international commodities trading firm, was willing to buy Kay, however, because the jewelry chain was a publicly traded firm whose stock was sold over the American Stock Exchange. The acquisition would be a relatively cheap and easy way for Ralli to become listed on a U.S. stock exchange. Under the transaction, Ralli ultimately acquired all of Kay's stock and took the Kay company name.

Today, Kay Corp. stands for both the jewelry-store operations and the commodity-trading business, which now operates under the name Balfour, Maclaine International Ltd Links of London Earrings online.

Coffee is the most important product the company trades, making Balfour Maclaine one of the largest coffee importers in the United States. The company also trades tea, rice and edible oils and oil seeds worldwide.

Balfour Maclaine continues to account for the bulk of Kay's business, contributing 72 percent of Kay Corp.'s total revenue of $689 million. However, the jewelry-store operation is now the more profitable of the two divisions, with operating profits equal to 8.4 percent of its sales Links of London Rings online. Balfour Maclaine's profits, by comparison, equal 2 percent of its revenue.