Charles & Colvard shares rose 10 percent Friday after the Morrisville company announced that it had entered into distribution agreements with Zales and Gordon’s Jewelers to sell its Forever Brilliant moissanite gemstones on the retailers websites.
The announcements come just weeks after Charles & Colvard made a similar deal with Kohl’s.
Re-establishing relationships with such major retailers has been a key component of Charles & Colvard’s strategy in recent years under CEO Randy McCullough. Moissanite jewelry was once found in most major retailers, including J.C. Penney, Macy’s, Kohl’s and Zales, but its presence was significantly reduced last decade as the company struggled.
“Our partnership with Zale Corporation and Gordon’s Jewelers, both exceptional U.S. jewelry retailers, is timely as Charles & Colvard continues to expand channel offerings and increase consumer awareness of moissanite,” McCullough said in a statement.
Charles & Colvard began selling Forever Brilliant stones last year. The product is a whiter gemstone than the company’s other moissanite gemstones. The company says the Forever Brilliant gemstone is enhanced by up to four color shades.
Charles & Colvard shares closed Friday at $5.51, up 50 cents. The stock is up 40 percent this year.
Staff writer David Bracken