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Moissanite Maker Aims to 'Compete with Diamonds'

Charles & Colvard's 2015 Revenue Grows 20%
Mar 9, 2016 8:23 AM   By Rapaport News
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RAPAPORT... Charles & Colvard, the world’s primary maker and seller of diamond substitute moissanite, reported revenue grew 20 percent to $30.8 million in 2015 as ecommerce sales soared.

Direct-to-consumer ecommerce revenue surged 59 percent to $5.4 million, helping the company to pare its net loss by 27 percent to $9.6 million, according to a statement March 8.

During the year, the company launched its Forever One colorless moissanite jewel and said it wishes to expand the assortment of this line in the coming year with a series of scheduled product releases. It plans to “move up-market and compete directly with diamonds for market share,” Suzanne Miglucci, Charles & Colvard’s president and chief executive officer, said in the statement.

The company, based in the Research Triangle Park area of North Carolina, also announced it agreed to sell the main assets of Lulu Avenue, its direct-selling business, to Yanbal USA for $500,000.

The news comes after India-registered company Persistence Market Research released a report estimating the global moissanite market will grow to $48.8 million by 2025 from $26.8 million at the end of 2015.
Tags: Charles & Colvard, direct selling, M&A, mergers and acquisitions, moissanite, Rapaport News, Synthetics
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