Charles & Colvard to push new enhanced stone Forever Brilliant in 2012
Sales of moissanite doubled in the final quarter of 2011 while net income at sole manufacturer Charles & Colvard quadrupled.
In the final quarter of the year, sales of moissanite hit US$7.2 million (£4.5m) and net income hit US$1.8 million (£1.1m). Sales of loose moissanite gemstones were up 149% in the quarter while sales of finished moissanite jewellery were up 50%.
Full-year results were also up on 2010’s figures with sales up 26% to US$16 million (£10.1m). Full-year net income was level with 2010’s figures, sitting at US$1.6 million (£1m). Loose moissanite gemstone sales rose 19% for the full year to December 31 while sales of finished moissanite jewellery rose 57%.
Charles & Colvard chief executive Randy McCullogh said that the turnaround strategy at the group was continuing to pay off. Over the past year the company has invested in marketing and has focused on TV shopping channels.
The US-based company has also focused on pushing into international markets, including China and Kazakhstan.
Charles & Colvard said that it was continuing to register revenue growth through its online sales channel moissanite.com. It expects sales to continue to grow in this area.
Looking forward, McCullogh said that two areas of development for the company in 2012 will be the continued development of finished jewellery brand Lulu Avenue and a new line of superior moissanite gems called Forever Brilliant created in association with Serenity Technologies.