Charles & Colvard announced that its first quarter net sales ended March 31 are up 40 percent compared to the same period last year, to $4.2 million.

“I’m very pleased with a $500,000 gross margin increase for the first quarter of 2012 over the first quarter of 2011,” Randy N. McCullough, chief executive officer of Charles & Colvard, said in a statement. “This demonstrates that we’re on the right track toward building profitable long-term sustainable revenue.”

Other highlights from Charles & Colvard’s first quarter financial statement (ended March 31) include:

• Loose moissanite gemstone sales: $2.5 million, down 4 percent
• Finished jewelry sales: $1.7 million, up 319 percent
• $10.6 million cash and investments and no long-term debt

JCK