Sales plummet 47 percent for Charles and Colvard

Color Market Reports

Save

E-mail

Sales plummet 47 percent for Charles and Colvard

March 27, 2009

Similar Stories | Topics

STORIES

Sales slip 27 percent for Charles and Colvard

Beltran to lead technology for Charles and Colvard

Moissanite lawsuit headed to court

Charles and Colvard 3Q sales drop 37 percent

Charles and Colvard reorganizes

Morrisville, N.C.--Sales dropped 47 percent in 2008 for moissanite maker Charles and Colvard Ltd. as the company struggled to restructure and ride out the economic storm.

According to a release issued Friday by the Morrisville, N.C.-based company, 2008 sales totaled $14.7 million, down from $27.8 million in 2007.

The drop, according to the release, was mostly the result of a decline in shipments somewhat offset by 8 percent increase in the stone's per-carat selling price.

Richard A. Bird, who took the helm as chief executive officer amidst a companywide restructuring in February, said in the release that the company is cutting costs in the short term while working on a new strategy to drive growth in the future.

"There is much change that needs to be made at Charles and Colvard in order to truly capitalize on our unique jewel, moissanite. We believe there is significant market opportunity for our jewel, and we are evaluating various business alternatives as we develop an updated strategy for today's environment," he said.

Underscoring a grim financial year for Charles and Colvard was a fourth quarter in which sales dropped 55 percent, from $7.9 million to $3.5 million.

Domestic sales in the fourth quarter suffered the greatest decline at 59 percent, while international sales were down 38 percent.

Total shipments totaled 18,200 carats in the fourth quarter, down 58 percent from fourth-quarter 2007, but counteracted by a 5 percent increase in the average selling price per carat, according to the release.

Since Bird took the helm in February, Charles and Colvard has embarked on an ambitious restructuring plan intended to reduce costs and refocus marketing in order to drive demand for moissanite.

Part of the plan revealed by Bird includes positioning the gem as a purchase for bridal and fashion jewelry, not just the female self-purchaser.

In the release issued Friday, Bird referenced this plan, stating, "We are focused on improving the company's overall operating position by adjusting our marketing plan to better match customer revenue expectations and by broadening our marketing beyond self-purchasing women to encompass a wider range of market segments."

Save

E-mail

More Color Market Reports

Report: Mastermind behind Bridges slaying arrested

A man believed to be the mastermind behind the slaying of tsavorite founder Campbell Bridge in Kenya last summer was arrested in Nairobi, according to a report issued early Tuesday from the International Colored Gemstone Association. Read More

Treated ruby nomenclature prompts talk at Tucson

Red, pink coral protection gains more ground

N.J. jeweler, emerald dealer files Chapter 11

GIA announces new online 'Colored Stones' course

More Color Market Reports

More Like This

Sales slip 27 percent for Charles and Colvard

May 05, 2009 | National Jeweler Network

Beltran to lead technology for Charles and Colvard

March 25, 2009 | National Jeweler Network

Moissanite lawsuit headed to court

February 24, 2009 | National Jeweler Network

Charles and Colvard 3Q sales drop 37 percent

November 11, 2008 | National Jeweler Network

Charles and Colvard reorganizes

October 02, 2008 | National Jeweler Network

Design Portfolio

BROWSE

Daily News

Get breaking news from the industry's premier information source.

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.