Brilliant Earth’s Fine Jewelry a Hit in Q2

FinancialsAug 12, 2022

Brilliant Earth’s Fine Jewelry a Hit in Q2

The company is also continuing its retail expansion.

20220812_Brilliant Earth.jpg
Shown here are pieces from Brilliant Earth’s capsule collection with jewelry designer Jade Trau. The company’s second quarter net sales were up 18 percent year-over-year.
San Francisco—Brilliant Earth posted double-digit growth in the second quarter, highlighting the strong performance of its fine jewelry category.

The sales growth comes as the jewelry company continues its retail expansion across North America.

Here are five important takeaways from its most recent results.

Brilliant Earth’s Q2 sales were up 18 percent.

Net sales were $108.8 million, an 18 percent increase year-over-year compared with $92.3 million in the second quarter of last year.

Sales were up 31 percent compared with the second quarter of 2019, said Chief Financial Officer Jeff Kuo.

Total orders were up 25 percent year-over-year.

“We delivered a strong second quarter, reflecting the increasing awareness and resonance of the Brilliant Earth brand, the disciplined execution of our omnichannel growth strategy, and the advantages of our asset-light, agile, and data-driven business model,” said CEO Beth Gerstein.

Net income was $3.8 million, a 56 percent decrease compared with $8.5 million in the previous second quarter.

Brilliant Earth did not respond to a request for comment on the decline but noted during its earnings call it’s been increasing investments in its retail footprint and marketing, adding that employee costs have also increased.

The company noted its TikTok efforts have been especially successful, with 13 percent of customers surveyed stating that’s where they learned about the brand.

Brilliant Earth is expanding its fine jewelry offerings, and it’s paying off.

The company is best known for its bridal offerings, but it’s recently started to offer trend-driven fine jewelry collections, and the reception has been positive.

“We continue to see outsized performance within our fine jewelry assortment with growth that far outpaces the business as a whole,” said Kuo on an earnings call Thursday.

Fine jewelry did especially well over Mother’s Day, noted Gerstein on the call, with sales up nearly 4 percent year-over-year.

Wedding band sales were also particularly strong, noted Quo, thanks to the “year of the wedding.” The Knot has predicted 2.6 million American weddings will be celebrated in 2022.

“Both men’s and women’s wedding bands have grown faster than our overall business year-to-date, led by the strength of our product assortment and a record number of weddings that have driven demand,” said Gerstein.

However, strong sales in fine jewelry and wedding bands, which have a lower average price point than its bridal offerings, had a negative impact on the company’s average order value, said Kuo; it was down by a mid-single-digit percentage.

The company also launched a men’s jewelry line this June, just ahead of Father’s Day, and introduced thousands of new natural and lab-grown colored diamonds, as well as a wider assortment of colors, shapes, and price points.

Meanwhile, its personalized jewelry, like its zodiac collection, and its Fairmined gold jewelry has done especially well, said Gerstein.

Brilliant Earth is collaborating with popular designers for new collections.

In an effort to expand its jewelry offerings, Brilliant Earth has also inked collaboration deals with several notable partners this year.

The company kicked off the “year of the wedding” with a new collection, collaborating with Tacori for the second time in January.

The bridal collection featured six engagement rings and four wedding bands.

In May, the company teamed up with jewelry designer Jade Trau on an 11-piece capsule collection.

Previously, Brilliant Earth has collaborated with Moyo Gems, Alrosa, and CanadaMark.

Its retail footprint is growing quickly.

Brilliant Earth started out as an e-tailer, but the digital native has been gradually growing its brick-and-mortar retail footprint.

It’s picked up the pace this year, opening a total of seven showrooms so far.

The company currently operates 22 showrooms, with its most recent opening in St. Louis, marking its first location in Missouri.

Its other locations include New York, Los Angeles, Houston, Boston, and Chicago.

“We see tremendous opportunity for our business to grow and for our brand to lead in the highly fragmented jewelry industry,” said Kuo.

The company has asserted the importance of an omnichannel retail experience.

In an interview with Fox Business after going public, CEO Beth Gerstein spoke on the importance of having both options.

“Jewelry is a really considered purchase. Customers just really like to have a 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.

 Related stories will be right here … 

Brilliant Earth maintained its full-year guidance and an optimistic outlook.

Brilliant Earth reiterated its guidance for the full year.

The company forecasted sales in the range of $450 million to $470 million, down from prior guidance of $485 million to $500 million.

It lowered its guidance in the first quarter, noting the impact of the current geopolitical and economic environment as well as more moderate sales growth despite strong demand.

However, Gerstein remained optimistic about the year ahead.

“There’s some fluctuation, but for the most part, [demand] has been consistent for us. Demand continues to be strong, so we’re excited to capitalize on the resonance we have with our customer base.”

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Macy’s Herald Square store
MajorsJul 16, 2024
Macy’s Ends Buyout Talks

The retailer will not be making a deal with Arkhouse Management and Brigade Capital Management, opting to focus on its turnaround plan.

Crime police cars
CrimeJul 16, 2024
Thieves Nab $500K in Jewelry in Calif. Group Smash-and-Grab

The Berkeley robbery follows two other Bay Area robberies involving multiple suspects, one in May and one in June.

National Jeweler columnist Lilian Raji
ColumnistsJul 16, 2024
The PR Adviser: Awareness Starts With Your Online Store

Lilian Raji discusses the importance of having an intentional website design that aligns with your brand or store’s goals.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Catbird The Met collection
CollectionsJul 16, 2024
Catbird Debuts New Met Collection

It’s the second collaborative offering from the jewelry brand and the New York City art museum.

Weekly QuizJul 11, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Craftsman holding Pomellato Arengario necklace
MajorsJul 16, 2024
Pomellato Acquires Valenza Setting Lab

The Kering-owned brand bought VSL to reinforce its manufacturing capabilities.

Ewa Abrams, Kering’s new president for the Americas
MajorsJul 16, 2024
Kering Appoints New President for Americas Region

The luxury conglomerate promoted General Counsel Ewa Abrams to the role, succeeding Laurent Claquin.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Tanzanite ring
MajorsJul 15, 2024
Signet Falls 11 Spots on NRF’s ‘Top 100’ Retailers List

The jewelry giant came in at No. 67 on the list, down from No. 56 last year.

 2025 Gem Awards logo
Events & AwardsJul 15, 2024
Nominations Are Open for the 2025 Gem Awards

Submissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through Aug. 23.

Sunlit’s Sun Goddess Supreme Ring and Pyramid Rutilated Quartz Necklace
Events & AwardsJul 15, 2024
NY Now Expands Emerging Designer Segment for Its Summer Market

Curated at Luxury Lifestyle will build on the former initiative, the Emerging Fine Jewelry Designer Incubator.

Collage of Caitlin Albritton and her jewelry
Events & AwardsJul 15, 2024
Halstead Announces 2024 Grant Winner

Caitlin Albritton won the 19th annual Halstead Grant for emerging jewelry businesses.

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

Sculptural Freeform Earrings
CollectionsJul 12, 2024
Piece of the Week: Marrow Fine’s ‘Sculptural Freeform’ Earrings

The earrings were inspired by the landscape at Joshua Tree and Jean Arp’s abstract sculptures.

Madeline Fraser Gemist
EditorsJul 11, 2024
Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology

Fraser shares why she decided to shift from a direct-to-consumer retailer to a B2B technology company.

Jewelers of America learning workshop Providence logo
Events & AwardsJul 11, 2024
JA to Host Next Learning Workshop in Providence

The one-day workshop will be held July 17 at the Rhode Island School of Design.

Jewelers International Showcase Logo Statue
Events & AwardsJul 11, 2024
Registration Now Open for JIS Fall 2024

The jewelry trade show will take place in Miami Oct. 6-9.

Kyle Kuzma, D’Angelo Russell, Jalen Green, Jaime Jacquez Jr., Kevin Love, Josh Hart, and Seth Curry
MajorsJul 11, 2024
David Yurman Names 7 NBA Players as Brand Ambassadors

The partnership reinforces David Yurman’s position as a leader in men’s jewelry, said the company.

U.S. Customs and Boarder Protection Paperwork
CrimeJul 10, 2024
US Customs Seizes $10M in Counterfeit Jewelry

Officers intercepted three packages within 24 hours containing fake goods claiming to be from various luxury brands.

Matturi Fine Jewelry totem jewel
Events & AwardsJul 10, 2024
IAC’s Gold and Diamond Conference to Focus on ‘Expanding Horizons’

The 14th annual conference will host panels on cross-sector collaboration, industry sanctions, and more.

Immediate Connections
Events & AwardsJul 10, 2024
Women’s Art Center of the Hamptons to Host Jewelry Exhibition

“Immediate Connections” will be on view from July 18-21.

Navneet Gems salt & pepper sapphires
SourcingJul 10, 2024
Navneet Gems Launches Salt-and-Pepper Sapphires

Sourced from Tanzania, the stones feature a unique hematite inclusion.

Buccellati butterfly brooch
TrendsJul 10, 2024
Amanda’s Style File: Slither and Fly

Snakes, birds, and bugs are all the buzz this summer.

Peter Smith
ColumnistsJul 09, 2024
11 and ½ Thoughts on Leadership

From prioritizing “big rocks” to practicing transparency, Peter Smith explores what it takes to be an effective leader.

John Hardy bracelet and Wölffer Estate Summer in a Bottle rosé
CollectionsJul 09, 2024
John Hardy Toasts to Wölffer Estate With New Collection

The capsule collection is inspired by the Hamptons vineyard’s Summer in a Bottle rosé.

Fuli Gemstones peridot The Curious Gem
SourcingJul 09, 2024
The Curious Gem Now Carrying Fuli Peridot

The U.K.-based online supplier will offer calibrated stones under 1 carat.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy