Charles and Colvard dipped in performance during the third quarter of 2007, as mentioned in its released report. It said that during the third quarter of 2007, it’s net sales declined by 46% from $12.1 million during last year's third quarter to $6.6 million. Its gross profit also followed a decline by 42% from $8.3 million in the third quarter of 2006 to $4.9 million.%%Charles and Colvard is the single source of lab-created moissanite. Chairman and CEO Bob Thomas mentioned that the decline was due to a decrease in moissanite orders, high inventory levels, increased competition and a lack of significant sell-in revenue, during the said period.