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

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

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 AvenueTM, 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E 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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