Charles & Colvard Ltd. has reported its financial results to be hit by a decline of 52 percent in net sales for the second quarter ending June 30, 2008. Net sales amounted to $3.6 million, while last year they were valued at $7.6 million in the same quarter.

Region-wise sales showed a mix pattern - US dipped by 65 percent valuing at $2.2 million, contrary to this international sales surged by 13 percent amounting to $1.4 million. The company has earned a good performance in newer markets like India, which has reflected in the increased sales figures for the said quarter.

A net loss of $1.1 million had to be borne in the quarter, while last year the company enjoyed a net income of $529,000 in the comparable three months.