Charles & Colvard Net Sales Down 64 Percent

Charles & Colvard, Ltd. announced Friday its nets sales were down 64 percent from last year.

The company’s net sales for the quarter were $1.3 million, down from $3.6 million in the second quarter of 2008. Net sales for the first six months of 2009 were $3.8 million, down 46 percent from $7.0 million for the same period of 2008.

Sales were impacted by the economic recession, which has measurably affected the retail and jewelry industries, combined with reduced demand from major retailers who curbed purchases due to current levels of moissanite inventory.