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Charles & Colvard Retains RJ Falkner & Company as Investor Relations Counsel

MORRISVILLE, NC -- (Marketwire) -- 10/29/10 -- Charles & Colvard, Ltd. (NASDAQ: CTHR), the sole manufacturer of moissanite lab-created gemstones, The Most Brilliant Jewel in the World™, today announced that it has retained RJ Falkner & Company, Inc. to develop and implement a comprehensive investor relations program for the Company.

RJ Falkner & Company, Inc. is an investment research and financial communications firm that seeks out undervalued small-cap companies with the potential to outperform the overall stock market on an intermediate- and long-term basis. Its research analysts work with the managements of such companies to broaden their exposure within the investment community and expand the level of interest among investment professionals and high-net-worth individual investors. Additional information on RJ Falkner & Company is available on the Internet at www.rjfalkner.com.

"We selected RJ Falkner & Company as our investor relations firm because of its expertise in shareholder communications and the relationships that its research analysts have developed within the investment community over the past 41 years," stated Randy N. McCullough, Chief Executive Officer of Charles & Colvard, Ltd.

"We are excited to be selected to provide a full range of investor relations services to Charles & Colvard," commented R. Jerry Falkner, CFA, President of RJ Falkner & Company, Inc. "In our opinion, the Company has positioned itself to satisfy consumers' desire for gemstones and jewelry of exceptional quality and brilliance, at prices well below what retailers charge for diamonds. This represents a potential multi-billion-dollar market opportunity in a world where consumer discretionary income has become an increasingly precious commodity. Charles & Colvard's management, with over 100 years of combined jewelry industry experience, is well-positioned to develop key strategic relationships with leading retailers and other channel partners, in order to build brand loyalty as the exclusive supplier of moissanite for the fine jewelry market. We are confident in management's ability to significantly enhance shareholder value in coming years."

The agreement between Charles & Colvard, Ltd. and RJ Falkner & Company, Inc. covers at least one year and provides for assistance in investor relations, press release development, the preparation and distribution of independent analyses and research reports, and other related services of benefit to Charles & Colvard, Ltd. Any forecasts, projections and/or conclusions contained in the research reports published by RJ Falkner & Company will be independently prepared by RJ Falkner & Company, unless otherwise stated, and will not be endorsed by the management of Charles & Colvard, Ltd.

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 lab-created gemstone 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 access www.moissanite.com or www.charlesandcolvard.com.

Charles & Colvard and Charles & Colvard Created Moissanite are registered trademarks of Charles & Colvard, Ltd. The Company is headquartered in Morrisville, North Carolina, and its common stock is listed on the NASDAQ Global Select Market under the symbol "CTHR."

This press release contains 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, but not limited to, the recent downturn in the worldwide economy and its ongoing impact on our business and the business of our customers and suppliers, any continued trends in the general economy that would adversely affect consumer spending, dependence on consumer acceptance of our products, dependence on Cree, Inc. as the current supplier of the raw material, ability to develop a material second source of supply, dependence on a limited number of customers, risks of conducting business in foreign countries, dependence on third parties for the sales and marketing of our products to end consumers, and the impact of significant changes in our management on our ability to execute our business strategy in the near-term, in addition to the other risks and uncertainties described in more 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.

Company Contact:
Timothy Krist
Chief Financial Officer
919.468.0399, ext. 295
tkrist@charlesandcolvard.com

Investor Relations:
R. Jerry Falkner, CFA
RJ Falkner & Company
800.377.9893
info@rjfalkner.com

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