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Charles & Colvard’s 1Q Sales Soar to Highest in Almost 10 Years

May 2, 2016 6:52 AM   By Rapaport News
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RAPAPORT... Charles & Colvard, the creator of diamond substitute Moissanite, posted its highest quarterly revenue figure for nearly a decade thanks to a supersized purchase by its biggest customer.

Sales soared 62 percent to $11.4 million in the three months to March 31 as a client bought $6.8 million of “Forever Classic” loose jewels on top of the $6.4 million the purchaser spent in the whole of 2015. The sale also strengthened Charles & Colvard’s balance sheet by reducing its inventory and improving its cash position, the North Carolina-based company said. The identity of the customer was not disclosed.

“This one-time sale was mutually beneficial to both parties, as our customer secured Forever Classic inventory, while we focus on moving upmarket and positioning ourselves for higher-end retail and consumer-facing opportunities with our colorless stone,” said Suzanne Miglucci, president and chief executive officer of Charles & Colvard.

Net sales of loose jewels more than doubled to $9.6 million and revenue from Moissanite.com, the company’s ecommerce business, surged 21 percent to $1.3 million. The company reduced its quarterly loss to $1.3 million from $1.7 million a year ago.
Tags: Charles & Colvard, diamond substitutes, moissanite, Rapaport News, retail
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