WHY THE MOISSANITE YOU WEAR MAY HELP WOMEN EVERYWHERE
Charles & Colvard and Boscov’s Donate a Portion of All Moissanite Sales to the Breast Cancer Research Foundation

October is Breast Cancer Awareness Month

FOR IMMEDIATE RELEASE

New York, NY– October 1, 2007 – Breast cancer is the second leading cause of cancer deaths in women today and in the U.S. alone a woman will die of breast cancer, on average, every 13 minutes. However, with continued breast cancer funding, research and education more women’s lives will be saved and a cure may be possible.

For the first time, Charles & Colvard created Moissanite™ and Boscov's, the country's largest family-owned department store, are teaming up to help women everywhere fight against breast cancer. For the month of October, as part of Boscov's annual storewide efforts to raise funds for breast cancer awareness, 5% of all moissanite jewelry purchased in-store and sold nationally online will go toward funding the Breast Cancer Research Foundation, a not-for-profit organization.

However, Charles & Colvard and Boscov's know that funding is only half the battle in fighting breast cancer. To help educate women and raise awareness for the cause, they are giving away a free moissanite ribbon pin with every moissanite jewelry purchase. The ribbon pin features a moissanite set in the center and will also be accompanied with an educational bookmark detailing tips on combating breast cancer. The store will also have a moissanite ribbon pendant specially priced at $299.97 for the month of October. It is normally available for purchase at $829 suggested retail. The pin and pendant were created by jewelry manufacturer Samuel Aaron International exclusively for Boscov's. Customers can purchase moissanite from any of Boscov's fifty store locations or by simply logging onto the store's website at www.boscovs.com.

Free Moissanite Ribbon Pin with every moissanite jewelry purchase:

Did you know?

• This year 178,480 new cases of invasive breast cancer are expected in women in the U.S.
• 97% of women diagnosed with breast cancer at an early stage survive more than five years
• All women 40 and over should get an annual mammogram and clinical exam

For more information on the Breast Cancer Research Foundation visit www.bcrfcure.org

For more information on Boscov's Department Store visit www.boscovs.com

For more information on moissanite and Charles & Colvard Ltd., visit www.moissanite.com or contact Jenn Blum at 212.620.0356 ext. 208, or jblum@kinneyandkinsella.com.

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. Currently used in fine jewelry, Charles & Colvard created Moissanite™ is primarily marketed to the self-purchasing woman as the perfect reward or indulgence for a woman celebrating her achievements, whether personal or professional, big or small. For more information, please access www.charlesandcolvard.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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," "potential," "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 Company's ability to manage growth effectively, dependence on Cree, Inc. as the current supplier of the substantial majority of the raw material, ability to develop a material second source of supply, dependence on a limited number of jewelry manufacturing customers, dependence on continued growth and consumer acceptance of the Company's products, in addition to the other risks and uncertainties described in more detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission. 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 Securities and Exchange Commission that discuss other factors relevant to our business.

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