The leading worldwide source of created moissanite jewels Charles & Colvard, Ltd.’s first quarter 2016 net sales were US$11.4 million compared with US$7.0 million in the year-ago first quarter, marking an increase of 62%. Included in the first quarter results was a US$6.8 million sale of Forever Classic loose jewels to the company’s largest customer.
“This customer purchased US$6.4 million of jewelry and loose jewels from us during all of 2015. Not only did this sale during the first quarter contribute to our revenue being the highest quarterly revenue since the fourth quarter of 2006, it also strengthened our balance sheet as we significantly reduced our inventory and improved our cash position. We believe this one-time sale was mutually beneficial to both parties, as our customer secured Forever Classic inventory, while we focus on moving upmarket and positioning ourselves for higher-end retail and consumer-facing opportunities with our colorless stone,” explains Charles & Colvard President and CEO Suzanne Miglucci
