CHARLES & COLVARD FORGES EXCLUSIVE STRATEGIC ALLIANCE WITH IGI TO SUPPLY MOISSANITE GRADING REPORTS
Charles & Colvard (Nasdaq: CTHR) has announced an exclusive alliance with the International Gemological Institute (IGI) to provide grading reports for moissanite gemstones and jewelry. This collaboration aims to enhance consumer confidence by offering standardized measures for authenticity and quality. The grading reports will include detailed assessments by expert gemologists using the 4Cs criteria and additional moissanite-specific measures. The initiative targets combating false information and counterfeit products in the market. The reports will initially be available to the trade and later to consumers. Both companies will showcase this development at the JCK Show in Las Vegas from May 31 – June 3, 2024.
- Exclusive alliance with IGI enhances credibility and consumer trust.
- Introduction of standardized grading reports for moissanite gemstones.
- Initial availability to trade with plans to expand to consumers.
- Strategic move to combat counterfeit products and false information.
- Partnership with a reputable industry leader in gemstone grading.
- initial capacity for grading reports could delay full market impact.
- Potential increased costs associated with comprehensive grading reports.
Insights
The strategic alliance between Charles & Colvard and the International Gemological Institute (IGI) has significant implications for the company’s financial outlook. This collaboration aims to enhance the credibility and perceived value of its moissanite products by providing standardized grading reports. Standardized grading can be a important differentiator in a crowded market, potentially driving higher sales and margins. Given the growing acceptance of lab-grown gemstones, this move could lead to a stronger market position and increased consumer trust. It will be essential to monitor how this partnership translates into
The collaboration between Charles & Colvard and IGI introduces a new layer of transparency into the moissanite market. By establishing a uniform grading system, they aim to differentiate their products from lower-quality offerings and counteract the growing issue of counterfeit goods. This strategy could resonate well with a consumer base increasingly concerned with authenticity and ethical sourcing. Furthermore, the fact that these reports are backed by a reputable entity like IGI adds a level of trustworthiness that could help Charles & Colvard capture a larger share of the market. It’s an astute move that could reshape consumer perceptions and elevate brand loyalty. However, the alliance's long-term success will depend on the robustness of IGI’s grading process and how effectively the company communicates the value of these reports to consumers.
The introduction of IGI-backed grading reports for Charles & Colvard’s moissanite gemstones marks a significant development in the gemological field. The use of the 4Cs—cut, clarity, carat and color—mirrors the well-established diamond grading system, making it easier for consumers to understand and appreciate the quality of moissanite. IGI’s involvement ensures that the grading process adheres to high standards, potentially elevating the status of moissanite as a viable alternative to traditional diamonds. This transparency may attract discerning buyers who previously hesitated due to concerns about quality and authenticity. However, the impact on the broader market will also depend on how competitors respond. If other moissanite providers follow suit, it could set a new industry standard, benefiting consumers but posing a challenge for companies to maintain their unique selling propositions.
RESEARCH TRIANGLE PARK, N.C., May 23, 2024 /PRNewswire/ -- Charles & Colvard, Ltd. (Nasdaq: CTHR) (the "Company"), a globally recognized fine jewelry company that specializes in moissanite and lab grown diamonds, is pleased to announce an exclusive strategic alliance with the International Gemological Institute (IGI), introducing comprehensive grading reports for moissanite gemstones and jewelry.
"Not all moissanite is created equal," says Don O'Connell, President and CEO of Charles & Colvard. "The new collaboration with IGI emphasizes our commitment to maintaining brand integrity in a market increasingly saturated with false information and counterfeit products."
The grading reports, with unique identifiers tying back to each individual laser-inscribed gemstone, are designed to boost consumer confidence by providing standardized measures for loose Forever One™ moissanite gemstones, ensuring a reliable standard of quality and authenticity for purchasers.
Expert gemologists will rigorously evaluate and authenticate each moissanite gemstone and provide comprehensive certification reports detailing its quality characteristics. Consumers will recognize the standard 4Cs used in diamond grading—cut, clarity, carat, and color—in the grading report, along with Charles & Colvard moissanite-specific grading measures.
"Moissanite has long been celebrated for its brilliance and durability, but until now, consumers have not had access to moissanite gemstones with grading reports backed by an industry leader in the space. We believe our collaboration with IGI will be a significant turning point in the lab-grown industry. This strategic alliance will bring unparalleled transparency and accountability regarding the quality of moissanite gemstones. We believe our new certifications will allow consumers, retailers, and distributors to further validate the quality and value of our gems while helping to safeguard customers against misinformation and false claims made by other moissanite providers," continued O'Connell.
"This development underscores IGI's commitment to supporting our industry with detailed, accurate assessments," added Avi Levy, President of IGI North America. "It demonstrates our dedication to reinforcing consumer trust in all of the gemstone products they purchase."
Forever One™ moissanite gemstone reports will be available exclusively to the trade beginning next week in a limited capacity for the launch. IGI will scale to meet the demand for the reports as their experts continue to grade Charles & Colvard's moissanite gemstone inventory. Later this year, consumers will also be able to purchase finished jewelry mounted with IGI-certified gemstones from Charles & Colvard.
Both companies will be exhibiting at the upcoming JCK Show, one of the largest and most trusted jewelry industry trade events, in
To learn more about IGI, visit www.igi.org.
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd. (Nasdaq: CTHR) believes that fine jewelry should be as ethical as it is exquisite. Charles & Colvard is the original creator of lab grown moissanite (a rare gemstone formed from silicon carbide). The Company brings revolutionary gems and fine jewelry to market by using exclusively Made, not Mined™ above ground gemstones and a dedication to
About IGI
About IGI: The International Gemological Institute (IGI), a Blackstone portfolio company. IGI has 30 laboratories and 19 education facilities in major diamond and jewelry centers around the world. For close to 50 years, IGI has provided the fine jewelry community and consumers with a broad range of services including natural and laboratory-grown diamond reports, colored stone grading and origin reports, as well as jewelry identification and appraisal reports. With the increase of lab-grown diamonds in the marketplace, IGI screens millions of natural and lab-grown diamonds in order for the industry and consumers to receive the product they expect. Regardless of location or marketplace, authentic IGI Laboratory Reports are designed to empower trust and confidence among buyers and sellers alike.
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SOURCE Charles & Colvard, Ltd.
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