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MORRISVILLE -
Charles & Colvard, the maker of lab-created moissanite gemstones used in jewelry, plans to broaden its marketing and continue slashing costs in an attempt to offset declining sales.The Morrisville company plans to shift away from its long-time strategy of targeting self-purchasing women and expand into such markets as gifts, travel jewelry and bridal fashion, president Dennis M. Reed said. Reed, who took over the company on Monday after the resignation of CEO Robert Thomas, declined to provide details on how the company plans to cut expenses. In May, Charles & Colvard laid off 10 employees.The company reported that it lost $1.1 million during the second quarter as sales fell 52 percent to $3.6 million. The stock fell 6 cents Thursday to close at 86 cents. The stock is down 80 percent in the past year.
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