Report: Charles & Colvard Sues Former Customer

Charles & Colvard filed suit June 16 against K&G Creations in U.S. District Court, according to a report in the Triangle Business Journal.

Morrisville, N.C.-based company said its owed $2.8 million for purchases that K&G made under a manufacturing agreement that ended Dec. 31, 2007, the newspaper reports quoting documents filed by the moissanite manufacturer with the Securities and Exchange Commission.

K&G, which manufactures moissanite jewelry, was one of Charles & Colvard’s major customers, accounted for 11 percent of Charles & Colvard 2007 sales, the newspaper reports.