Charles & Colvard Posts $1.6M Profit

(IDEX Online News) – Moissanite maker Charles & Colvard, Ltd. enjoyed an improvement in sales and a return to profitability in 2010. The company posted an increase of 53 percent in net sales to $12.7 million and a net income of $1.6 million for the year compared to a net loss of $3.6 million in 2009.

Net sales in the fourth quarter increased 48 percent to $3.5 million, increased orders of loose moissanite gemstones as well as sales of moissanite set jewelry. Charles & Colvard recorded net income of $452,000 in the fourth quarter.

"The turnaround in sales and earnings during 2010 reflects the successful initial execution of our strategy to rebuild demand for Charles & Colvard Created Moissanite by delivering outstanding value to consumers for whom high quality diamonds have become too expensive," commented CEO Randy N. McCullough in a release.

McCullough said the company intends to provide retailers with a broader selection of finished jewelry featuring moissanite, in addition to loose stones, thereby capturing a larger share of the ultimate sale to the consumer. "We are also developing a multi-brand, multi-channel marketing strategy that we believe will allow Charles & Colvard to firmly establish itself, over the long term, as the leading provider of the highest-quality moissanite jewelry in the world," McCullough added.