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Warby Parker for ethical fine jewelry and diamonds.

Zappos for engagement rings.

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• Engagement Rings: Rings designed for proposals, often featuring ethically sourced diamonds or gemstones.
• Wedding Rings & Bands: A diverse range of rings for both partners, including complementary styles to engagement rings.
• Fine Jewelry: Collections of necklaces, earrings, bracelets, and other accessories made with diamonds, gemstones, and precious metals.
• Loose Diamonds & Gemstones: Individual, ethically sourced diamonds and colored gemstones available for custom designs or as standalone purchases.

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Brilliant Earth (BRLT) sells primarily to individuals. Based on its direct-to-consumer (DTC) model and product offerings, its major customer categories include:

1. Engaged & Soon-to-be-Engaged Couples: This is a primary customer segment, comprising individuals or couples actively seeking engagement rings and wedding bands for their upcoming marriage. These customers often prioritize ethical sourcing, high-quality diamonds and gemstones, customization options, and a convenient shopping experience, whether online or in one of Brilliant Earth's showrooms.

2. Special Occasion & Gifting Purchasers: This category includes customers buying fine jewelry (such as necklaces, earrings, bracelets, and fashion rings) for significant milestones like anniversaries, birthdays, graduations, or holidays. They purchase these items either as thoughtful gifts for loved ones or as meaningful self-purchases to commemorate personal achievements or events. These customers value unique designs, quality craftsmanship, and a diverse selection.

3. Conscious Luxury Consumers: These individuals are regular purchasers of fine jewelry who are drawn to Brilliant Earth's core values of ethical sourcing, sustainability, and transparency. They may not be purchasing for a specific "bridal" or "gifting" occasion but are repeat customers who appreciate the brand's commitment to responsible practices and high-quality, beautiful pieces for personal adornment or as a lifestyle choice.

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Beth Gerstein, Chief Executive Officer and Co-Founder

Beth Gerstein co-founded Brilliant Earth in 2005. She served as co-Chief Executive Officer until March 2021, and has been the Chief Executive Officer since then. Ms. Gerstein holds a Bachelor of Science in Biomedical and Electrical Engineering from Duke University, a Master of Science in Electrical Engineering from Massachusetts Institute of Technology, and an MBA from the Stanford University 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 the CFO of Brilliant Earth, LLC since March 2020. Prior to joining Brilliant Earth in 2015, Mr. Kuo founded and served as the President and Manager of Xetum LLC, a wristwatch company, which was later sold to a strategic buyer. He was also a management consultant with Bain & Company.

Eric Grossberg, Executive Chairman and Co-Founder

Eric Grossberg co-founded Brilliant Earth, LLC in 2005 and served as its co-Chief Executive Officer until March 2021, becoming Executive Chairman since its formation. Mr. Grossberg received a Bachelor of Arts in Environmental Science & Public Policy from Harvard University and an MBA from the Stanford University Graduate School of Business.

Pamela Catlett, Chief Brand Officer

Pamela Catlett was promoted to Chief Brand Officer in August 2024, having joined Brilliant Earth in 2023. Her extensive background includes roles as President and COO of Outdoor Voices, Global Head of Women's and Youth at Under Armour, and various positions at Nike, including Vice President and General Manager of Nike's North American Women's business and Vice President of Investor Relations. Ms. Catlett also founded and served as CEO of Catlett & Co., an executive management consultancy.

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. She is responsible for the company's overall operations, including the end-to-end supply chain and showrooms, and has played a key role in developing and implementing Brilliant Earth's operational strategy.

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1. Economic Sensitivity and Discretionary Consumer Spending

Brilliant Earth operates within the luxury jewelry market, which is highly susceptible to economic fluctuations, inflation, and shifts in consumer confidence. Economic uncertainty often leads to consumers pulling back on big-ticket, discretionary purchases such as fine jewelry. This trend is evident in the declining Average Order Value (AOV), as customers either delay purchases or opt for lower-priced items, particularly in the bridal category.

2. Intense Competition and Limited Market Share

Brilliant Earth faces significant competition from traditional brick-and-mortar jewelers and other online retailers. The company holds a relatively small market share compared to established luxury jewelry giants like LVMH's Tiffany & Co. and Signet Jewelers. Furthermore, the once unique differentiator of ethical sourcing and sustainability is becoming more common across the industry, diminishing Brilliant Earth's competitive advantage. The company also relies heavily on digital marketing spend for customer acquisition.

3. Supply Chain Risks and Cost Fluctuations

The business is exposed to risks related to the pricing and supply of essential materials, including diamonds, other gemstones, and precious metals such as gold. Disruptions in the supply chain or increases in the cost of these raw materials can lead to squeezed gross margins if Brilliant Earth is unable to pass these higher costs on to consumers. Additionally, tariffs on imports from key sourcing regions, such as Asia, pose a risk by potentially eroding margins or leading to lower sales.

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Brilliant Earth (symbol: BRLT) primarily operates in the market for ethically sourced fine jewelry, specializing in engagement rings, wedding bands, and other fine jewelry, including both natural and lab-grown diamonds, through an omnichannel retail model.

Addressable Market Sizes:

• Engagement Rings and Wedding Bands:
  • Globally, the engagement and wedding rings market was valued at approximately USD 50 billion in 2023 and is expected to reach approximately USD 90 billion by 2032.
  • Specifically for engagement rings, the global market size was valued at approximately USD 79 billion in 2024 and is expected to reach USD 130 billion by 2033.
  • North America accounts for approximately 40% of global engagement ring sales.
• Fine Jewelry:
  • The U.S. jewelry market, which encompasses fine jewelry, was estimated at USD 73.32 billion in 2023 and is expected to grow to USD 96.61 billion by 2030.
• Lab-Grown Diamonds:
  • The global lab-grown diamonds market size is accounted at USD 29.73 billion in 2025 and is predicted to increase to approximately USD 97.85 billion by 2034.
• Online Jewelry Market (Brilliant Earth's primary distribution channel):
  • Globally, the online jewelry market is valued at about USD 93.3 billion in 2025, with analysts forecasting a steady climb to USD 166 billion by 2029.
  • In the United States, online jewelry sales are projected to reach USD 22.5 billion in 2024, eventually achieving a market size of USD 37.9 billion by 2029.

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Brilliant Earth (BRLT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Showroom Footprint: Brilliant Earth plans to continue expanding its physical retail presence, with the growth and annualization of showrooms contributing to net sales growth. The company has already grown its showroom portfolio to 41 locations across the United States.
2. Growth in Fine Jewelry: The fine jewelry category is identified as a significant growth driver, with strong double-digit year-over-year bookings growth reported (e.g., 45% in Q3 2025 and Q3 2024, double-digit growth in Q4 2024 and Q1 2025). Brilliant Earth sees substantial opportunity to expand in this segment, attracting new customers and facilitating repeat purchases.
3. Return to Growth in Engagement Ring Bookings: After a period of market normalization, Brilliant Earth has experienced a return to year-over-year growth in engagement ring bookings in Q3 2025 and Q1 2025. This segment remains a primary revenue source for the company.
4. Enhanced Customer Acquisition and Retention: The company's focus on effective customer acquisition and retention efforts is demonstrated by consistent growth in total orders and repeat orders. For instance, Q3 2025 saw 17% growth in total orders and 16% in repeat orders, while Q4 2024 had 10% total order growth and 18% repeat order growth, indicating strengthening brand loyalty and an expanding customer base.
5. Leveraging Marketing Efficiency and Technology: Brilliant Earth is committed to optimizing its marketing strategies, including the use of AI and machine learning, to enhance brand awareness, drive quality traffic, and improve marketing leverage. This technological investment is expected to contribute to future revenue growth.

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Share Repurchases

• Brilliant Earth Group, Inc. announced a share repurchase program on December 11, 2023, authorizing the repurchase of up to $20 million in shares of its Class A common stock.
• This repurchase program is effective through December 8, 2026.
• As of the end of Q3 2025, the total amount spent on stock repurchases was approximately $1.1 million.

Share Issuance

• Brilliant Earth filed a $200 million mixed securities shelf offering in November 2025, which could lead to future share issuances.

Capital Expenditures

• Brilliant Earth Group's capital expenditures for June 2025 were $1.2 million.
• A primary focus of capital expenditures is on the expansion of its physical presence, with the company operating 42 showrooms across the U.S.
• Showroom pre-opening expenses were $173,000 in Q3 2025.