Brilliant Earth Is Now a Public Company
CEO Beth Gerstein said she believes in the jeweler’s omnichannel approach as its retail rollout continues.
The San Francisco-based jeweler halved its IPO offering to 8.33 million shares priced at a lower-than-anticipated $12 each.
It had planned to sell nearly 16.7 million shares at between $14 and $16 each.
Trading under the ticker symbol “BRLT,” the company now has a valuation of about $1.1 billion.
The company has granted underwriters a 30-day option to purchase up to an additional 1.25 million shares.
Shares of Brilliant Earth were trading just above $17 after Friday morning’s opening bell.
“Looking at where it was priced versus the preliminary ranges it seems initial expectations were too high,” said diamond industry analyst Paul Ziminsky.
“That said, it’s still garnering a nice premium relative to the universe [of other jewelers].”
Brilliant Earth CEO Beth Gerstein appeared on Fox Business Thursday morning to talk about the company’s IPO, its omnichannel shopping model, lab-grown diamonds, and more.
The company now operates 14 showrooms across the U.S. in addition to its online store.
As its physical retail rollout continues, Gerstein said the company is still digital-first but aims to deliver “a true omnichannel shopping experience.”
“Jewelry is a really considered purchase. Customers just really like to have more one-on-one interaction. Knowing that there’s a showroom nearby just helps unlock that conversion and is reassuring to the customer,” she said during the interview.
The jeweler sells both natural and lab-grown diamonds, and Gerstein noted that while affordability is a factor when choosing between the two, its customers take other factors, particularly design, into consideration before making a purchase.
“Our job, as a retailer, is really to provide different options for our customers, offer them side-by-side, and provide education,” Gerstein told Fox Business.
To celebrate its Wall Street debut, the company staged a surprise engagement for customers Anthony and Priscilla just outside the Nasdaq MarketSite in Times Square.
💍@BrilliantEarth put a ring on it, #NasdaqListed and now they're helping a lucky customer do the same!😮 pic.twitter.com/lO2JMmpkYb— Nasdaq (@Nasdaq) September 23, 2021
Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
Johnson joined the retailer in 1987, establishing its first human resources department.
Supplier Spotlight Presented by IGI
The industry gathered to celebrate those who elevate the jewelry and watch industries.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.
It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.
Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.
Here’s what the nine chosen organizations plan to do with the funds.
The designer is nominated for a Gem Award for Jewelry Design.
The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.
In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.
See 15 fabulous pieces from the 2023 Gem Award for Jewelry Design nominees: Anita Ko, Kirsty Stone, and Ron Anderson and David Rees.
The new Cal. E365 movement doubles the running time of the current Eco-Drive models.
The mood among diamantaires is fairly optimistic despite the challenges brought about by sanctions and a cloudy economic outlook.
The mood is bullish as more companies get into the business despite the dramatic drop in lab-grown diamond prices.
Shah talks with National Jeweler about diamond demand, lab-grown, and why it’s difficult to make predictions about the U.S. market.
Hari Krishna Exports and the Dholakia Foundation’s “Mission 100 Sarovar” aims to create 100 lakes to help revive an area of Gujarat.
The educational resource will highlight the positive impact diamonds can make on their journey from mine to market.
Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.
A 17th-century gold seal ring and an 18th-century memento mori ring met or exceeded estimates at a recent Noonans auction.
They will be recognized at the organization’s annual luncheon this weekend in New York City.
Sherry Smith breaks down the results so far this year, including which categories are the sales standouts and which are struggling.
More than 200 exhibitors are scheduled for the May 11-14 event.