As one of the fastest growing companies in the U.S., Charles & Colvard, Ltd. came in at number 39 on Fortune Small Business’s list of the Top 100 small public companies for 2006. Rising 15 spots from number 54 last year, FSB recognized the Morrisville, N.C.-based company for its growth in both the jewelry industry and in consumer brand awareness.

On the seventh annual list, the company was recognized because of its exclusive development and distribution of moissanite—a laboratory grown jewel that looks similar to diamonds.

Appealing to the independent, sophisticated woman, Charles & Colvard’s marketing techniques have cornered an area of the jewelry industry relatively untouched until recent years, the magazine said. Through both independent market research and several years of industry experience at Charles & Colvard, they have developed a deeper understanding of where moissanite fits in the world of fine jewelry.

“Throughout Charles & Colvard’s history, we’ve tried to be sensitive to the consumer’s desires in the area of fine jewelry,” said Bob Thomas, chief executive officer of Charles & Colvard, Ltd. “Intensive market research and a keen awareness of what women are looking for in the industry has led us here, and we will continue working towards exceptional consumer satisfaction and quality relationships with our retail partners and manufacturers.”

Fortune Small Business releases its Top 100 List for small public companies annually, and provides brief company profiles as well as the annual net income for each of the companies. The list is determined by assistance from financial research firm Zacks. Public companies are ranked with revenues of less than $200 million and a stock price of more than $1, based on their percentage growth in earnings, revenue, and stock performance over the past three years.

JCK