Charles & Colvard Ltd. reported that its revenues increased by 35% on a year-on-year basis, to $ 6.858 million in the third quarter ended September 30. However, the company's costs for the period jumped 60.8%, as a result of which Charles & Colvard registered a net loss of $ 1.21 million compared to a profit of $ 123,625, received for the same period a year earlier, Rapaport reports.
However, as of September 30, Charles & Colvard had no debt, and its cash and liquid investments amounted to $ 6.7 million.
The increase in revenue was mainly due to sales of non-directional moissanites, including products under the Forever Brilliant brand ®, as well as through ready-made jewelry.
Sales of unmanaged moissanites jumped by 28%, and sales of finished jewelry - by 56%. At the same time, wholesale sales grew by 35%, and direct sales to consumers on the site Moissanite.com and in the store Lulu Avenue increased by 33%. International sales have tripled, thanks to the demand for moissanite in China.