LYCOS RETRIEVER 
Charles Colvard
built 659 days ago
Charles & Colvard, based in the Research Triangle Park area of North Carolina, is the sole source of moissanite, a created jewel used in fine jewelry. Moissanite is near colorless, with more fire, brilliance and luster than a fine diamond, but retails for only a fraction of the cost. For more information, please access www.moissanite.com.
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Charles & Colvard, which hold patents for the use of moissanite in jewellery, is likely to double its sales in 2005. Last year the company's revenue totaled US $ 24 million. Its 2005 half-year sales were over US $ 20 million. Much of that increase came from J.C. Penney, the first major retailer to carry the company's moissanite jewellery. The company is seeking to expand its presence in major US jewellery chains.
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Charles & Colvard, Ltd. became an innovator in the industry when it developed the process to create synthetic moissanite in the late 1980s and began to produce it for jewelry in 1995. It continues that tradition today as the sole source and distributor of gem-quality created moissanite. Now it's taken its leadership role a step further with a $100,000 gift to support GIA's first Gemological Research Conference.
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The Charles & Colvard Moissanite lab created diamonds were originally discovered in its natural state in the Canyon Diablo meteor crater in Arizona. Since there is no natural supply of the mineral, Moissanite is manufactured as a lab-created gemstone.
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Charles & Colvard Ltd. announced that it currently expects fiscal 2007 net sales to be in the range of $45 to $48 million with stronger revenue growth in the fiscal second half. According to Reuters Estimates, analysts on average were expecting the Company to report revenue of $50 million for fiscal 2007.
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The agreement gives Charles & Colvard the exclusive right to purchase silicon carbide from Norstel for the purpose of fabricating, distributing or selling faceted jewels. Norstel's operations are currently located on the premises of Link?g University in Sweden, where it has focused on the development of SiC ingots, wafers and epitaxy. In addition Charles & Colvard will advance $400,000 towards the purchase of certain equipment. This advance is scheduled to be repaid starting December 2005 through a 35% reduction in the price for subsequent purchases. The minimum purchase commitment during the first thirteen months of the agreement is relatively small at approximately $300,000 while Norstel's recently announced silicon carbide plant in Norrk?g, Sweden, is being constructed. As the plant becomes operational in 2006 deliveries are scheduled to increase.
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