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Charles and Colvard CEO resigns

Moissanite manufacturer announces authorized Internet retailer program

July 21, 2008

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New York—Charles and Colvard Ltd. has announced the resignation of Robert S. Thomas as chief executive officer, chairman of the board of directors and as director, effective immediately.

According to a media release from the company, Thomas has agreed in principal to serve as a consultant to Charles and Colvard.

Dr. Frederick A. Russ, lead independent director, will serve as the interim chairman of the board.

Dennis M. Reed, president and chief marketing officer, will be responsible for managing the company's operations.

"Bob Thomas has earned respect from the jewelry industry in establishing moissanite as a viable, independent category of fine jewelry," Russ said in the media release issued on Monday. "We thank him for his contributions to the company."

Reed also added his thanks, saying, "While the outlook for the jewelry industry continues to be challenging, we will work diligently to grow the company. In this economic environment, we believe moissanite offers consumers a beautiful, unique, affordable jewel with more fire and brilliance than any other."

In other company news, Charles and Colvard and select retailers recently launched a joint effort aimed at providing moissanite customers with a professional online shopping experience.

HSN, J.C. Penney, Joseph Schubach Jewelers, Moissanite Collection and Moissanite Fine Jewelry have each been named as e-commerce retailers in "The Moissanite created by Charles and Colvard Authorized Internet Retailer Program."

Charles and Colvard says that the program helps to ensure consumer satisfaction as well as the authenticity of the moissanite that customers purchase. The program also guarantees that Charles and Colvard-created moissanite purchases are accompanied by a certificate of authenticity as well as a limited warranty.

Each authorized retailer is an established Internet organization that has been prescreened, has met the program criteria and has been sponsored by a Charles and Colvard distributor or manufacturer. The retailers not only carry a large selection of moissanite jewelry but are also extremely knowledgeable about moissanite.

For more information about moissanite and Charles and Colvard, visit the following consumer and trade Web sites: Moissanite.com, WhatIsMoissanite.com and BrillianceofMe.com.
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