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On Tuesday, the company announced that CEO Richard Bird had resigned because of "mounting evidence that recovery of the depressed worldwide jewelry markets will be later and slower than previously expected." Bird was named CEO in February when C&C, which makes moissanite gemstones, shuffled its management.
Bird has agreed to be a consultant until the end of August to aid the transition to a new management team, according to the company.
In the meantime, employees will report to the chief financial officer, Timothy Krist, who joined the business last month.
Charles & Colvard lost $1million in the first quarter as sales plummeted 27 percent to $2.5 million.
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