Charles & Colvard

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Charles & Colvard, Ltd.
IndustryGemstone Manufacturer/Jewelry
FounderCharles Eric Hunter
HeadquartersResearch Triangle Park, North Carolina, United States
Key people
  • Don O'Connell (CEO)[1]
  • Neal Ira Goldman (Chairman)[2]
  • Clint J. Pete (CFO)[2]
Revenue$30.8 million[3]
Number of employees

Charles & Colvard, Ltd., is a Research Triangle Park, North Carolina-based publicly traded company (NasdaqCTHR) that distributes and manufactures jewelry. It was founded in 1995 by Charles Eric Hunter under the name C3 Inc.,[4] and then run by his brother Jeff Hunter until 2000.[5][6] The company changed its name to Charles & Colvard in 1999.[7] The company employs 63 people full-time, and generated $32.4 million in revenue during the year ending June 30, 2019, up from $27.91 million in the previous year.[8]

Charles & Covard was the first company to produce and sell synthetic moissanite,[9] under U.S. patent US5723391 A, first filed by C3 Inc., North Carolina.[10] The gemstones are made from silicon carbide crystals, supplied under an exclusive agreement from fellow North Carolina company Cree Inc. since 2014.[11]

In June 2019 the company netted $10 million from a secondary public offering.[12][11]

In March 2020, the company was notified that they were at risk of being delisted on NASDAQ, as their share price had been consistently below $1.[13]

Don O'Connell was announced CEO in May 2020, taking over after Suzanne T. Miglucci's resignation. The announcement came days after reporting their quarterly earnings, which included a $5.3 million writeoff. O'Connell's base salary is $335,000, and Miglucci's was $278,000.[2][1]

As part of the COVID-19 pandemic, the company received a $965,000 federally backed small business loan from Newtek Small Business Finance as part of the Paycheck Protection Program. WCNC highlighted the company, and publicly traded companies that received loans before privately held small businesses did. WCNC also noted some publicly traded companies had returned their loan amidst scrutiny.[12][14][15][16][17] The company had furloughed about half of their employees on April 13, 2020.[18][12] The company also has had a $5 million line of credit since 2018, which remains available.[12]

Subsidiary companies and brands include 'Classic Moissanite', 'Forever Brilliant', 'Survivor Collection', 'Hearts & Arrows', '' and 'Lulu Avenue'.[19]


  1. ^ a b "Charles & Colvard Appoints Don O'Connell as President and Chief Executive Officer". MarketWatch. 29 May 2020. Retrieved 2 July 2020.
  2. ^ a b c d "CTHR Key Statistics". Marketwatch. Marketwatch. Retrieved 5 May 2016.
  3. ^ "Charles & Colvard Q4 2015 Sales +16%". IDEX Online. IDEX. Retrieved 14 March 2016.
  4. ^ "Tenth Amendment to Agreement". Securities & Exchange Commission. Retrieved 9 January 2016.
  5. ^ "Teachers' Retirement System v. Hunter" (PDF). Stanford University (Securities). Stanford. Retrieved 9 January 2016.
  6. ^ "Charles & Colvard confronts Morion". JCKonline. JCK. Archived from the original on 25 January 2016. Retrieved 9 January 2016.
  7. ^ "A Special Thanks (Company History)". Greater Charlotte Biz. Greater Charlotte Biz. Archived from the original on 26 January 2016. Retrieved 9 January 2016.
  8. ^ Retrieved 2 July 2020. {{cite web}}: Missing or empty |title= (help)
  9. ^ O'Donoghue, Michael (2006). Gems: Their Sources, Descriptions and Identification. Butterworth-Heinemann. p. 90. ISBN 978-0-7506-5856-0.
  10. ^ "Silicon Carbide Gemstones". Google.
  11. ^ a b Retrieved 2 July 2020. {{cite web}}: Missing or empty |title= (help)
  12. ^ a b c d Retrieved 2 July 2020. {{cite web}}: Missing or empty |title= (help)
  13. ^ "tm2013819d1_8k". Retrieved 2 July 2020. tm2013819d1_8k
  14. ^ "While small businesses waited, publicly-traded NC companies collected PPP loans". 6 March 2020. Retrieved 2 July 2020. 965,000
  15. ^ "8-K 1 tm2022975-1_8k.htm FORM 8-K". Retrieved 2 July 2020.
  16. ^ "tm2021320d1_8k". Retrieved 2 July 2020. tm2021320d1_8k
  17. ^ "tm2021320d1_ex10". Retrieved 2 July 2020.
  18. ^ Retrieved 2 July 2020. {{cite web}}: Missing or empty |title= (help)
  19. ^ "FORM 10-K For the Fiscal Year Ended December 31, 2014". Charles & Colvard Ltd. 2014-12-31. Retrieved 9 January 2016.[permanent dead link]