Charles & Colvard, Ltd. (NASDAQ: CTHR), the sole manufacturer of moissanite jewels, The Most Brilliant Jewel in the World™, announced that it has signed a new manufacturing and distribution agreement with Frederick Goldman, Inc. (Goldman), America’s pre-eminent wedding ring leader and one of the largest bridal and fine jewelry manufacturing companies in North America. Under the terms of the agreement, Goldman has the exclusive right to distribute and sell finished jewelry featuring Charles & Colvard Created Moissanite to certain national retail customers.

Goldman is dedicated to developing high quality brands, including Goldman, ArtCarved, Keepsake, Lyric, and Triton, for the bridal and fine jewelry industry that are sold throughout North America and, with manufacturing resources in the U.S., Mexico, China, India, and Thailand, the company is at the forefront of global competiveness. Goldman’s success is the result of years of uncompromising dedication to a never-ending quest for excellence, and the use of precious metals, precious stones, special finishes, and manufacturing techniques has made the company a master in the art of jewelry making. In addition, innovative and sophisticated marketing programs, developed and offered across multiple divisions, have helped solidify the company’s position as a leader in the industry and the fine jewelry manufacturer of choice for thousands of retailers across America.

Randy N. McCullough, President and Chief Executive Officer of Charles & Colvard, commented, “We are confident that Frederick Goldman, with its manufacturing and distribution capabilities, will be a great partner for Charles & Colvard as we move forward with our branding initiatives. Its professional approach to our industry provides opportunities to put our moissanite jewel in front of millions of Americans.”

“We are delighted to work with Charles & Colvard, providing a unique brand of jewelry containing moissanite jewels to major retailers operating across America,” said Jonathan Goldman, Chief Executive Officer of Goldman. “We believe its in-depth experience and understanding of our industry will be a great benefit to developing and launching the brand.”

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. (NASDAQ: CTHR), based in the Research Triangle Park area of North Carolina, is the global sole source of lab-created moissanite, a unique, near-colorless jewel that is distinct from other gemstones and jewels based on its exceptional fire, brilliance, luster, durability, and rarity. Charles & Colvard Created Moissanite is currently used in fine jewelry sold primarily through domestic and international retailers. For more information, please visit www.moissanite.com or www.charlesandcolvard.com.

Charles & Colvard and Charles & Colvard Created Moissanite are registered trademarks of Charles & Colvard, Ltd.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. 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 the risks and uncertainties described in detail 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, 2009 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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