UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                                (Amendment No. 3)

                    Under the Securities Exchange Act of 1934


                             Charles & Colvard Ltd.
--------------------------------------------------------------------------------
                               (Name of Issuer)

                                  COMMON STOCK
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    22942P109
                                 --------------
                                 (CUSIP Number)

                                December 31, 2001
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

  [_]    Rule 13d-1(b)

  [_]    Rule 13d-1(c)

  [X]    Rule 13d-1(d)

The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. 229 42 P 109

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1.       NAMES OF REPORTING PERSONS.
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

         Trustees of General Electric Pension Trust
         I.R.S. # 14-6015763
--------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

         (a)  [_]
         (b)  [X]
--------------------------------------------------------------------------------
3.       SEC USE ONLY

--------------------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         State of New York
--------------------------------------------------------------------------------
                        5.       SOLE VOTING POWER

    NUMBER OF                    None
     SHARES             --------------------------------------------------------
  BENEFICIALLY          6.       SHARED VOTING POWER
    OWNED BY
      EACH                       505,737
    REPORTING           --------------------------------------------------------
     PERSON             7.       SOLE DISPOSITIVE POWER.
      WITH:
                                 None
                        --------------------------------------------------------
                        8.       SHARED DISPOSITIVE POWER.

                                 505,737
--------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         505,737
--------------------------------------------------------------------------------
10.      CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)

--------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         3.8%
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         EP
--------------------------------------------------------------------------------

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CUSIP No. 229 42 P 109

--------------------------------------------------------------------------------
1.       NAMES OF REPORTING PERSONS.
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

         GE Asset Management Incorporated, as Investment Manager of GEPT (as
         defined below)
         I.R.S. #06-1238874
--------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

         (a)  [_]
         (b)  [X]
--------------------------------------------------------------------------------
3.       SEC USE ONLY

--------------------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         State of Delaware
--------------------------------------------------------------------------------
                        5.       SOLE VOTING POWER

    NUMBER OF                    None
     SHARES             --------------------------------------------------------
  BENEFICIALLY          6.       SHARED VOTING POWER
    OWNED BY
      EACH                       505,737
    REPORTING           --------------------------------------------------------
     PERSON             7.       SOLE DISPOSITIVE POWER.
      WITH:
                                 None
                        --------------------------------------------------------
                        8.       SHARED DISPOSITIVE POWER.

                                 505,737
--------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         505,737
--------------------------------------------------------------------------------
10.      CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)

--------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         3.8%
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         IA, CO
--------------------------------------------------------------------------------

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CUSIP NO. 229 42 P 109

--------------------------------------------------------------------------------
1.       NAMES OF REPORTING PERSONS.
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

         General Electric Company
         I.R.S. #06-1238874
--------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

         (a)  [_]
         (b)  [X]
--------------------------------------------------------------------------------
3.       SEC USE ONLY

--------------------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         State of New York
--------------------------------------------------------------------------------
                        5.       SOLE VOTING POWER

    NUMBER OF                    0
     SHARES             --------------------------------------------------------
  BENEFICIALLY          6.       SHARED VOTING POWER
    OWNED BY
      EACH                       Disclaimed (see 9 below)
    REPORTING           --------------------------------------------------------
     PERSON             7.       SOLE DISPOSITIVE POWER.
      WITH:
                                 0
                        --------------------------------------------------------
                        8.       SHARED DISPOSITIVE POWER.

                                 Disclaimed (see 9 below)
--------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         Beneficial ownership of all shares disclaimed by General Electric
         Company
--------------------------------------------------------------------------------
10.      CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)
         [X] Disclaimed (see 9 above)
--------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         Not applicable (see 9 above)
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

         CO
--------------------------------------------------------------------------------

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INTRODUCTORY NOTE: This Amendment No. 3 amends the Statement on Schedule 13G
filed on behalf of General Electric Company, a New York corporation ("GE"), GE
Asset Management Incorporated, a Delaware corporation and a wholly owned
subsidiary of GE ("GEAM"), and the Trustees of General Electric Pension Trust, a
New York common law trust ("GEPT"), on February 13, 1998, as amended on February
14, 1999 and as amended on February 14, 2001 (as amended, the "Schedule 13G").
This Amendment No. 3 is filed on behalf of GE, GEAM and GEPT. GEAM is a
registered investment adviser and acts as Investment Manager of GEPT. GEAM may
be deemed to be the beneficial owner of 505,737 shares of Common Stock of
Charles & Colvard Ltd., (the "Issuer") owned by GEPT. GEAM and GEPT each
expressly disclaim that they are members of a "group." GE disclaims beneficial
ownership of all shares and expressly disclaims that it is a member of a
"group."

The Items from Schedule 13G are hereby amended to read as follows:

Item 4  Ownership
-----------------


                                                                   GEPT               GEAM                GE
                                                                                             
        (a)    Amount beneficially owned                          505,737            505,737          Disclaimed
        (b)    Percent of class                                    3.8%               3.8%            Disclaimed
        (c)    No. of shares to which person has
              (i)    sole power to vote or direct the vote         None               None               None
              (ii)   shared power to vote or direct               505,737            505,737          Disclaimed
              (iii)  sole power to dispose or to direct
                     disposition                                   None               None               None
              (iv)   share power to dispose or to direct
                     disposition                                  505,737            505,737          Disclaimed


Item 5  Ownership of Five Percent or Less of a Class
----------------------------------------------------

        If this statement is being filed to report the fact that as of the
        date hereof the reporting person has ceased to be the beneficial owner
        of more than five percent of the class of securities, check the
        following:

        [X]


                                     5 of 9



Item 10 Certification
---------------------

        By signing below I certify that, to the best of my knowledge and
        belief, the securities referred to above were acquired and are held in
        the ordinary course of business and were not acquired and are not held
        for the purpose of or with the effect of changing or influencing the
        control of the issuer of the securities and were not acquired and are
        not held in connection with or as a participant in any transaction
        having that purpose or effect.


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                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: February 14, 2002

                                       GENERAL ELECTRIC PENSION TRUST

                                       By:  GE Asset Management Incorporated,
                                            its Investment Manager

                                       By: /s/ Michael M. Pastore
                                           -------------------------------------
                                           Name:  Michael M. Pastore
                                           Title:  Vice President


                                       GE ASSET MANAGEMENT INCORPORATED

                                       By: /s/ Michael M. Pastore
                                           -------------------------------------
                                           Name: Michael M. Pastore
                                           Title:  Vice President


                                       GENERAL ELECTRIC COMPANY

                                       By: /s/ John H. Myers
                                           -------------------------------------
                                           Name: John H. Myers
                                           Title:  Vice President



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                                                                      Schedule I

                             JOINT FILING AGREEMENT

     This will confirm the agreement by and between all the undersigned that the
Schedule 13G on or about this date and any amendments thereto with respect to
the beneficial ownership by the undersigned of shares of the Common Stock of
Charles & Colvard Ltd. is being filed on behalf of each of the undersigned.

Dated: February 14, 2002

                                       GENERAL ELECTRIC PENSION TRUST

                                       By: GE Asset Management Incorporated,
                                           its Investment Manager

                                       By: /s/ Michael M. Pastore
                                           -------------------------------------
                                           Name: Michael M. Pastore
                                           Title:  Vice President


                                       GE ASSET MANAGEMENT INCORPORATED

                                       By: /s/ Michael M. Pastore
                                           -------------------------------------
                                           Name: Michael M. Pastore
                                           Title:  Vice President


                                       GENERAL ELECTRIC COMPANY

                                       By: /s/ John H. Myers
                                           -------------------------------------
                                           Name: John H. Myers
                                           Title:  Vice President



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                                                                     Schedule II

                   TRUSTEES OF GENERAL ELECTRIC PENSION TRUST

                        3003 Summer Street, P.O. Box 7900
                           Stamford, Connecticut 06904


     The names of the Trustees of General Electric Pension Trust are as follows:

                                Eugene K. Bolton

                               Michael J. Cosgrove

                                 Ralph R. Layman

                                  Alan M. Lewis

                              Robert A. MacDougall

                                  John H. Myers

                                 Donald W. Torey

                                 John J. Walker




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