The Warby Parker of engagement rings and fine jewelry.

• Diamond Engagement Rings: Rings featuring diamonds, primarily purchased to symbolize an engagement.
• Wedding and Anniversary Rings: Rings designed and purchased for weddings or to commemorate anniversaries.
• Gemstone Rings: Rings adorned with various types of precious or semi-precious gemstones, excluding diamonds.
• Fine Jewelry: A collection of high-quality jewelry items, often incorporating precious metals, diamonds, or other gemstones.

Brilliant Earth (BRLT) sells primarily to individuals, operating a B2C (business-to-consumer) model. The company sells directly to consumers through its omnichannel sales platform, including e-commerce and showrooms.

Based on its product assortment and sales model, Brilliant Earth serves the following categories of customers:

1. Couples and Individuals Seeking Engagement and Wedding Jewelry: This represents a significant customer segment for Brilliant Earth, as evidenced by its focus on diamond engagement rings and wedding bands. These customers are typically in the process of proposing, getting married, or planning for these life events.
2. Individuals Celebrating Anniversaries and Other Milestones: This category includes customers purchasing anniversary rings, milestone gifts, or other special occasion jewelry to commemorate significant life events beyond initial engagements or weddings.
3. Individuals Purchasing Fine Jewelry for Personal Adornment or Gifting: This broad category encompasses customers buying gemstone rings, necklaces, earrings, and other fine jewelry pieces for self-purchase, everyday wear, or as gifts for birthdays, holidays, graduations, or other celebrations.

Beth Gerstein, Chief Executive Officer

Beth Gerstein is the co-founder of Brilliant Earth, which she established in 2005 with Eric Grossberg, driven by her personal difficulty in finding an ethically sourced engagement ring. She served as co-Chief Executive Officer until March 2021, when she became the sole CEO, and notably led the company through its initial public offering in 2021, becoming one of the few female founders to take a company public. Prior to co-founding Brilliant Earth, Ms. Gerstein worked in technology and business development roles at several large corporations, including Booz Allen & Hamilton, and as an electrical engineer for a small startup focused on satellite communications. She holds a B.S. from Duke University, an M.S. in Electrical Engineering from MIT, and an MBA from Stanford Graduate School of Business.

Jeffrey Kuo, Chief Financial Officer

Jeffrey Kuo has served as Brilliant Earth Group, Inc.'s Chief Financial Officer since its formation, and as CFO of Brilliant Earth, LLC since March 2020. He joined Brilliant Earth, LLC in 2015, having previously held positions as Vice President of Technology and Vice President of Finance & Technology. Before joining Brilliant Earth, Mr. Kuo founded and served as the President and Manager of Xetum LLC, a wristwatch company. Prior to founding Xetum LLC, he was a management consultant with Bain & Company. Mr. Kuo received a Bachelor of Arts from Harvard University and an MBA from the Stanford University Graduate School of Business.

Eric Grossberg, Executive Chairman

Eric Grossberg co-founded Brilliant Earth in 2005 with Beth Gerstein. He served as co-Chief Executive Officer of Brilliant Earth, LLC from its founding until March 2021 and has been the Executive Chairman of the board of directors of Brilliant Earth Group, Inc. since its formation. He holds a Bachelor of Arts in Environmental Science & Public Policy from Harvard University and an MBA from the Stanford University Graduate School of Business.

Sharon Dziesietnik, Chief Operations Officer

Sharon Dziesietnik was promoted to Chief Operations Officer in August 2024. She joined Brilliant Earth in 2012 and has held numerous roles of increasing responsibility, most recently as Senior Vice President, Customer Operations. As COO, she oversees the company's overall operations, including its end-to-end supply chain from sourcing through distribution, and its showrooms.

Pamela Catlett, Chief Brand Officer

Pamela Catlett was promoted to Chief Brand Officer in August 2024. She joined Brilliant Earth in 2023. In her role, Ms. Catlett oversees all aspects of Brilliant Earth's brand strategy across every consumer touchpoint, including retail expansion strategy, evolving the company's omnichannel experience, and expanding Brilliant Earth's reach. Her extensive experience includes roles as President and COO of Outdoor Voices, Global Head of Women's and Youth at Under Armour, and multiple positions at Nike, including Vice President and General Manager of Nike's North American women's business and Vice President of Investor Relations. She also advised founders and CEOs through her consultancy firm Catlett & Co.

Here are the key risks to Brilliant Earth's business:

1. Consumer Cyclicality and Discretionary Spending: Brilliant Earth's financial performance is significantly tied to consumer confidence and discretionary spending. As a retailer of high-value items such as engagement rings and fine jewelry, economic downturns, rising interest rates, or inflationary pressures can directly lead to a decrease in sales and profitability, as consumers may postpone or reduce such purchases.
2. Intense Competition and Margin Pressure: The jewelry market is highly competitive, with numerous established brands like Tiffany & Co., Signet Jewelers, and Pandora, alongside other digital retailers. This intense competition can lead to increased customer acquisition costs and pricing pressure, which, combined with volatile raw material costs for gold and diamonds and potential tariffs, can squeeze profit margins and hinder the company's ability to achieve consistent profitability.
3. Supply Chain Risks and Ethical Sourcing: Brilliant Earth emphasizes its commitment to ethically sourced diamonds, gemstones, and precious metals. Disruptions in its supply chain, particularly issues affecting the availability or integrity of these ethically sourced materials, could impact the company's ability to meet its brand promise and customer expectations, potentially damaging its reputation and operational capabilities.

Brilliant Earth operates within several significant addressable markets for its products.

Diamond Engagement Rings

• The global diamond engagement ring market was valued at approximately USD 87.5 billion in 2024 and is projected to grow to USD 132.8 billion by 2034.
• In the U.S. and Canada, the diamond engagement ring market was valued at USD 32.37 billion in 2024 and is projected to reach USD 43.98 billion by 2032.

Wedding and Anniversary Rings

• The global wedding ring market was valued at USD 97.41 billion in 2024 and is predicted to hit around USD 185.44 billion by 2034.
• The U.S. wedding ring market size was accounted at USD 22.95 billion in 2025 and is forecasted to reach approximately USD 41.15 billion by 2034.

Gemstone Rings

• The global gemstones market size is estimated to be USD 37.48 billion in 2025 and is projected to reach USD 52.67 billion by 2032.
• North America is a leading region in the global gemstones market, holding a significant 38.18% market share in 2025. The gemstones market in the U.S. is expected to grow at a substantial compound annual growth rate (CAGR) of 7.4% from 2025 to 2033.

Fine Jewelry

• The global fine jewelry market size was valued at approximately USD 250 billion in 2023 and is projected to reach around USD 370 billion by 2032.
• The U.S. jewelry market, encompassing fine jewelry, was valued at USD 78.40 billion in 2024 and is expected to reach USD 97.62 billion by 2030.

Brilliant Earth Group, Inc. (BRLT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, including the expansion of its physical retail presence, diversification of its product offerings, increased penetration of lab-grown diamonds, and strategic international market expansion.

1. Showroom Expansion: Brilliant Earth is actively expanding its physical showroom footprint to enhance customer engagement and provide tangible brand experiences, complementing its robust online presence. The company plans further showroom expansion in 2025 and 2026, building on its 42 showrooms across the U.S. as of Q2 2025. This strategy has shown positive results, with retail walk-in orders surging significantly in Q4 2025.

2. Fine Jewelry Diversification: A significant driver of future revenue is the strategic diversification of Brilliant Earth's product offerings beyond its traditional bridal focus into fine jewelry. The fine jewelry segment has demonstrated substantial growth, with bookings increasing notably in Q4 2025 and representing an expanding percentage of total bookings. This expansion aims to capture a larger share of the overall jewelry market.

3. Increased Lab-Grown Diamond Penetration: Brilliant Earth is capitalizing on the growing demand and market acceptance of lab-grown diamonds. The company is broadening its lab-grown diamond assortments, which is identified as a fast-growing segment. Lab-grown fine jewelry bookings experienced significant growth in Q4 2025, contributing to overall revenue expansion.

4. International Market Expansion: To extend its global reach, Brilliant Earth established a partnership with Global-e in September 2024. This collaboration has expanded the company's international shopping capabilities to over 150 countries, indicating a strategic focus on accessing new global markets and diversifying its customer base beyond the United States.

Share Repurchases

• Brilliant Earth announced a share repurchase program with authorization to repurchase up to $20 million in shares of its Class A common stock on December 11, 2023.
• The share repurchase program is effective through December 8, 2026.
• As of November 27, 2025, Brilliant Earth had utilized $1.1 million of the authorized $20 million for share buybacks, leaving $18.9 million available.

Share Issuance

• Brilliant Earth's initial public offering (IPO) was priced on September 22, 2021, with 8,333,333 shares of its Class A common stock offered to the public at $12.00 per share.
• The company granted the underwriters a 30-day option to purchase up to an additional 1,249,999 shares of Class A common stock at the IPO price.
• As of March 10, 2025, there were 14,433,900 shares of the company's Class A common stock outstanding.

Capital Expenditures

• Brilliant Earth's capital expenditures were projected to be approximately $5 million to $6 million for the fiscal year 2025.
• The company's investment strategy focuses on showroom expansion and fine jewelry innovation, supported by an asset-light operating model.
• In Q1 2025, Brilliant Earth opened a new showroom in South Lake, Texas, and planned to open one to two additional locations during 2025, including a new showroom in Alpharetta, Georgia.