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Sales of Moisannite Fall.
Jewel maker Charles & Colvard Ltd., reported a decline of 29 percent in sales to $8 million, during the first fiscal quarter ending March 31.
The sole producer of the man-made jewel moissanite, reported operating income of $2.3 million and profit of $1.5 million or 8 cents per diluted share for the quarter, representing a 31 percent fall in operating income and a 24 percent drop in profit.
In a statement issued on April 18, the company attributed the drop in revenue to a decline in orders from jewelry maker K&G Creations who in 2005 placed orders for its initial rollout of moissanite jewelry for Finlay.
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