Moissanite gemstone maker Charles & Colvard reported a net loss in the first quarter despite sales increasing 40 percent to $4.2 million.

The Morrisville company reported a net loss of $376,000, or 2 cents per share, compared to a net loss of $236,000, or 1 cent per share, in the first quarter of 2011.

Operating expenses increased 53 percent in the quarter, driven mostly by increased marketing costs.

The company said it has also added personnel to support its effort to sell finished jewelry products directly to consumers at its website www.moissanite.com.
 
Charles & Colvard initiated a series of marketing and branding initiatives last year that have helped boost sales of its finished jewelry.

The company's largest customer is Jewelry Television. In a release, CEO Randy McCullough said sales of finished jewelry accounted for all of the company's revenue increase in the first quarter.

"We expect our finished jewelry business to continue to grow, and in addition, our ability to produce jewelry supports all of our customer direct initiatives," he said.

Charles & Colvard's stock, which closed at $4.42 on Friday, is up 70 percent this year.

Fink's Jewelers will open later this year in the North Hills corner retail space occupied by Jolly's Jewelers, which announced plans to close in December.

Fink's operates 17 stores in Virginia and North Carolina, including three locations in the Triangle area at Streets at Southpoint in Durham, Cary Towne Center and Triangle Town Center in north Raleigh.

"North Hills really is an incredible development, and we have admired what Kane Realty has done with this property," said Mark Fink, president of the family-owned company that was started in 1930.

Kane Realty manages the sprawling North Hills development.

Jolly's owner Frank Ragsdale announced in late 2011 plans to retire and close the family's jewelry store, which has been continuously operated in the Triangle since 1881. There is no set date for the store's closure.

Target is offering some rare coupons on clothing, jewelry and handbags this week. With any luck, you'll be able to pair these up with sales or markdowns and score some great deals for yourself or for holiday gifts.

I especially like the $5 off women's jeans. Last time that coupons was issued several months ago, folks reported getting jeans for $1 or less.

There are nine coupons total:

The National Federation of State High School Associations changes the rule for wearing jewelry in track competition.

The National Federation of State High School Association's approved a track and field rule that is more lenient than in the past for an athlete wearing jewelry. A team warning will be issued the first time an athlete is seen wearing jewelry in a competition instead of the athlete or relay being disqualified.

The Kinekt Gear Ring is a tiny working machine that a mechanical geek would love. See the video.

Charles & Colvard named a new CEO this morning, the fifth executive to take the top spot during the past 18 months at the maker of moissanite gemstones.

Randy N. McCullough, 56, has spent 36 years in the jewelry business, most recently as CEO of Samuels Jewelers, a chain with 150 stores.

He takes the helm at Charles & Colvard as the recession dampens interest in fine jewelry using the Morrisville company's manmade gems. In August, the company reported that second-quarter sales fell 64 percent to $1.3 million.

Charles & Colvard is scheduled to report its third-quarter results on Thursday. The company has been cutting costs as its sales have slumped, and it now employs 25 people.

McCullough replaces interim CEO George Cattermole, who is chairman.

With the new CEO and several other new managers, "we believe we have the right cross-section of talent that can execute the strategic initiatives to increase shareholder value and to reintroduce Charles & Colvard to the world," Cattermole said in a prepared statement.

Charles & Colvard's stock rose 5 cents to 66 cents this morning. The stock hasn't traded above $1 since June 2008.

Cat Banjo is celebrating Cameron Village's 60 years in the shopping center business (GrooveFest, going on now throughout the center) with a sidewalk sale Thursday through Sunday. Look for jewelry, scarves, dog collars, art, mirrors, frames and more marked 60 percent off.

Kendra Kist is back for another trunk show of her work at Denim & Lace boutique at the Arboretum in Cary. She'll be showing her latest fall collection at the store on Friday from 11 a.m. to 8 p.m.

Saks has a busy month ahead with three trunk shows of different jewelers.

The first has already gotten started. It's the Kenneth Jay Lane trunk show running now through Oct. 14. Lane is known for his fun costume jewelry styles (see the bee to the left) that won't break the bank.

Sapphires, emeralds, aquamarines and rubies for everyday wear will be part of the David Harris trunk show Oct. 16. And then on Oct. 17, look for latest styles in 18k gold by Italian jewelry designer Ippolita.

For more information or to make an appointment call 919-792-9100, ext. 5318.