Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Boss Neil
 2. Date of Event Requiring Statement (Month/Day/Year)
09/30/2008		 3. Issuer Name and Ticker or Trading Symbol
CHARLES & COLVARD LTD [CTHR]
(Last)
(First)
(Middle)
C/O CHARLES AND COLVARD LTD., 300 PERIMETER PARK DRIVE, STE A		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Principal Accting/Finance Offc
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

MORRISVILLE, NC 27560		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 2,984
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options 02/24/2004 02/23/2011 common stock 3,375 $ 0.785 D  
Stock Options 05/14/2004 05/13/2011 common stock 393 $ 0.99 D  
Stock Options 07/18/2004 07/17/2011 common stock 393 $ 0.792 D  
Stock Options 10/18/2004 10/17/2011 common stock 393 $ 0.823 D  
Stock Options 02/23/2005 02/22/2012 common stock 1,050 $ 1.646 D  
Stock Options 04/22/2005 04/22/2012 common stock 656 $ 4.229 D  
Stock Options 07/17/2005 07/16/2012 common stock 656 $ 3.162 D  
Stock Options 10/17/2005 10/17/2012 common stock 393 $ 3.04 D  
Stock Options 12/21/2005 02/12/2013 common stock 1,312 $ 3.398 D  
Stock Options 12/21/2005 04/15/2013 common stock 9,843 $ 3.695 D  
Stock Options 12/21/2005 04/26/2014 common stock 656 $ 3.901 D  
Stock Options 02/17/2005 02/16/2015 common stock 6,562 $ 7.238 D  
Stock Options 12/21/2005 04/17/2015 common stock 131 $ 11.215 D  
Stock Options 12/21/2005 07/18/2015 common stock 125 $ 22.48 D  
Stock Options 12/21/2005 10/18/2015 common stock 125 $ 16.424 D  
Stock Options 02/14/2009(1) 02/13/2016 common stock 100 $ 12.34 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Boss Neil
C/O CHARLES AND COLVARD LTD.
300 PERIMETER PARK DRIVE, STE A
MORRISVILLE, NC 27560		       Principal Accting/Finance Offc  

Signatures

/s/ Neil Boss 10/09/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options granted become exercisable as follows: 33 on 2/14/07, 33 on 2/14/08, and 34 on 2/14/09.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.