Moissanite Sales Jump 39 Percent

Charles & Colvard reported that moissanite sales for the third quarter of 2013 increased 39 percent, although the company still posted a loss for the period.

Overall sales hit $6.9 million versus $5.1 million the prior year. The net loss for the period was $1.2 million, compared with a $124,000 profit the year before.

The sales increase was driven by sales of its whiter Forever Brilliant jewels, the company said. CEO Randy McCullough said in a statement that while Charles & Colvard’s investments in technology and increased capacity “have impacted gross margins and operating costs, we view them as a critical aspect of our long-term strategy.” 

Other highlights of Charles & Colvard’s third quarter balance sheet: 

  • Loose jewel sales: Up 28% to $4.8 million
  • Finished jewelry sales: Up 56% to $2 million
  • Wholesale business: Up 35% to $6.4 million
  • Direct-to-consumer businesses: Up 33% to $503,000

Charles & Colvard also announced that it has secured a $10 million line of credit with PNC Bank.

 

JCK News Director