INVENTORIES (Tables)

6 Months Ended

Dec. 31, 2020

INVENTORIES [Abstract]

Inventories

The Company’s total inventories, net of reserves, consisted of the following as of the dates presented:

	December 31, 2020		June 30, 2020
Finished jewelry:
Raw materials	$	1,095,023	$	821,536
Work-in-process		925,022		602,390
Finished goods		7,019,742		6,019,985
Finished goods on consignment		1,964,458		2,297,907
Total finished jewelry	$	11,004,245	$	9,741,818
Loose jewels:
Raw materials	$	2,056,183	$	3,526,399
Work-in-process		9,673,337		10,453,586
Finished goods		5,659,166		6,619,487
Finished goods on consignment		167,781		204,635
Total loose jewels		17,556,467		20,804,107
Total supplies inventory		105,404		88,034
Total inventory	$	28,666,116	$	30,633,959

As of the dates presented, the Company’s total inventories, net of reserves, are classified as follows:

	December 31, 2020		June 30, 2020
Short-term portion	$	12,072,929	$	7,443,257
Long-term portion		16,593,187		23,190,702
Total	$	28,666,116	$	30,633,959