Charles & Colvard Appoints Michelle Jones as President, Lulu Avenue™

  Charles & Colvard Appoints Michelle Jones as President, Lulu Avenue™

Business Wire

MORRISVILLE, N.C. -- April 24, 2013

Charles & Colvard, Ltd. (NASDAQ Global Select Market: CTHR), the sole
manufacturer of created moissanite gemstones, The Most Brilliant Jewel in the
World^®, announced today the appointment of Michelle Jones as President of
Charles & Colvard’s newest Direct Sales Division, Lulu Avenue^TM, effective
Monday, April 29, 2013.

Michelle Jones, President, Lulu Avenue

Michelle Jones, President, Lulu Avenue

Ms. Jones is a dynamic, results-driven leader with 17 years of experience in
direct sales. She began her career with Avon Products in Canada, quickly
gaining a reputation for consistently generating profitable sales growth
through the development and management of her team. While at Avon, she was
promoted to positions of increasing responsibilities, moving into various
sales and operations management leadership roles that culminated in her having
oversight of Avon’s U.S. West Coast Area, which included over 125,000
independent representatives, 242 Avon associates, and $300M+ in annual
revenue.

Most recently, Ms. Jones served as Executive Vice President of Take Shape for
Life, Medifast's $220M subsidiary and largest revenue channel, where her focus
on improving health coach and client acquisition within the field organization
contributed to double digit acquisition and revenue growth for the company. At
Medifast, Ms. Jones led sales, training, marketing and operations and was
responsible for the development and implementation of its long-term growth
strategies and initiatives. Ms. Jones is an active member of the Direct
Selling Association, currently serving as Chair of the Member Services
Committee.

“This step marks another milestone in preparing to fully launch Lulu Avenue in
the Fall of 2013, following the integration of JudeFrances jewelry designs
earlier this year,” commented Randy McCullough, Chief Executive Officer of
Charles & Colvard, Ltd. "We are delighted to add Michelle to our executive
management team. We believe that her highly successful direct sales experience
will positively influence Lulu Avenue's future success.”

“I am excited to be joining Charles & Colvard and Lulu Avenue this early on as
we develop this unique social selling business model. Lulu Avenue offers an
industry first within the direct selling market place, offering the stunning
JudeFrances branded designer line, while allowing women to be able to acquire
designer quality jewelry at affordable prices. This combination, coupled with
the striking brilliance of the stunning moissanite collection, makes the Lulu
Avenue opportunity unique for both the consumer and independent Style
Advisor,” stated Ms. Jones. “Lulu Avenue has a talented team in place and I am
excited to leverage those talents along with my 17 years of direct selling
experience, while creating a brand consumers love and earning opportunities
for those seeking them.”

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd., based in the Research Triangle Park area of North
Carolina, is the global sole source of moissanite, a unique, near-colorless
created gemstone that is distinct from other gemstones and jewels based on its
exceptional fire, brilliance, luster, durability, and rarity. Charles &
Colvard Created Moissanite^® and Forever Brilliant^® are currently
incorporated into fine jewelry sold through domestic and international
retailers and other sales channels. Charles & Colvard, Ltd.’s common stock is
listed on the NASDAQ Global Select Market under the symbol “CTHR.” For more
information, please visit www.charlesandcolvard.com.

This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933, as amended, and Section21E of the
Securities Exchange Act of 1934, as amended. Statements expressing
expectations regarding our future and projections relating to products, sales,
revenues, and earnings are typical of such statements and are made under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements about our plans,
objectives, representations, and contentions and are not historical facts and
typically are identified by use of terms such as “may,” “will,” “should,”
“could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“continue,” and similar words, although some forward-looking statements are
expressed differently.

All forward-looking statements are subject to the risks and uncertainties
inherent in predicting the future. You should be aware that although the
forward-looking statements included herein represent management’s current
judgment and expectations, our actual results may differ materially from those
projected, stated, or implied in these forward-looking statements as a result
of many factors including, but not limited to, our dependence on consumer
acceptance and growth of sales of our products resulting from our strategic
initiatives; dependence on a limited number of customers; our ability to
fulfill orders on a timely basis; the financial condition of our major
customers; dependence on Cree, Inc. as the sole current supplier of the raw
material; our current wholesale customers’ potential perception of us as a
competitor in the finished jewelry business; intense competition in the
worldwide jewelry industry; general economic and market conditions, including
the current economic environment; risks of conducting business in foreign
countries; the pricing of precious metals, which is beyond our control; the
potential impact of seasonality on our business; our ability to protect our
intellectual property; the risk of a failure of our information technology
infrastructure to protect confidential information and prevent security
breaches; possible adverse effects of governmental regulation and oversight;
and the failure to evaluate and integrate strategic opportunities, in addition
to the other risks and uncertainties described in our filings with the
Securities and Exchange Commission, or the SEC, including our Annual Report on
Form 10-K for the fiscal year ended December 31, 2012 and subsequent reports
filed with the SEC. Forward-looking statements speak only as of the date they
are made. We undertake no obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they occur except as
required by the federal securities laws, and you are urged to review and
consider disclosures that we make in the reports that we file with the SEC
that discuss other factors relevant to our business.

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Contact:

Company Contact:
Charles & Colvard, Ltd.
Timothy Krist, 919-468-0399 ext. 295
Chief Financial Officer
tkrist@charlesandcolvard.com
or
Investor Relations:
Taglich Brothers, Inc.
Christopher Schreiber, 800-383-8464
Investor Relations Counsel
cs@taglichbrothers.com
 
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