Charles & Colvard Back in Black as Q2 Sales Pop 69%

(IDEX Online News) – Moissanite makers Charles & Colvard, had a great second quarter, reporting a 69 percent increase in net sales to $5.1 million.

The boost was driven by sales of loose moissanite, up 65 percent to $4.1 million.

Jewelry sales increased 86 percent in the quarter to $968,000.

The strong results brought the company back to profitability, posting a net income of $549,000 in the second quarter compared with a net loss of $103,000 in the prior year.

“As we execute our branding strategies, we are pleased to see our sales revenue continue to grow in response,” said CEO Randy N. McCullough.

The firms' largest customer continues to be Jewelry Television (JTV); however, the second quarter sales revenue was collectively dominated by Charles & Colvard’s wholesale distributors.

"We are experiencing a nice increase in loose gemstone sales as these distributors grow their moissanite finished jewelry businesses, which we expect to continue to grow over the next two quarters," McCullough added.