CHARLES & COLVARD ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2009 EARNINGS WEBCAST AND TELECONFERENCE

FOR IMMEDIATE RELEASE

MORRISVILLE, N.C., February 22, 2010 - Charles & Colvard, Ltd. (NASDAQ: CTHR), the sole manufacturer of moissanite jewels, The Most Brilliant Jewel in the World™, announced today that it plans to report fourth quarter and fiscal year 2009 financial results on Thursday, February 25, 2010 before market open. The announcement will be followed by a live company-hosted conference call at 11:00 a.m. ET in which management will review the financial and operating results for the periods and discuss recent business developments. A question-and-answer session will follow.

The live conference call can be accessed the following ways:

• The live webcast can be found at www.charlesandcolvard.com. Participants should go to the website 10 to 15 minutes prior to the scheduled teleconference in order to register and download any necessary audio software.
• U.S. participants may access the teleconference by dialing (877) 610-8931 and international participants may dial (706) 679-2842 approximately 5 to 10 minutes prior to the call. The conference ID number is 57986470.

The archived conference call can be accessed the following ways:

• The recorded webcast can be found at www.charlesandcolvard.com and will be available approximately 24 hours after conclusion of the live webcast through March 11, 2010.
• The recorded teleconference can be accessed by dialing (800) 642-1687 for U.S. participants and (706) 645-9291 for international participants. The conference ID number is 57986470, which is required for playback. The telephonic replay will be available approximately one hour after conclusion of the live call until 11:59 p.m. ET through March 11, 2010.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. (NASDAQ: CTHR), based in the Research Triangle Park area of North Carolina, is the global sole source of lab-created moissanite, a unique, near-colorless jewel 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.

This press release may contain 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 the risks and uncertainties described in 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, 2008 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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