Charles & Colvard and Bird Capital Group are terminating their agreement, formed in February 2009, to boost business at Charles & Colvard. According to both partners, the global jewellery markets are indicting slower recovery than expectations, and this requires the business structure at Charles & Colvard to be realigned to low operational costs.

At the time of the agreement, Bird Capital and its founder Richard Bird were responsible for the management of Charles & Colvard, to facilitate change in sales, costs and marketing segments. With the association being terminated, Richard Bird has resigned as director and officer of Charles & Colvard from July 2, 2009, but will continue as consultant until August 31. A new chief executive officer (CEO) is being sought, and until then the employees will report to Timothy Krist, the chief financial officer (CFO) at Carles & Colvard.