Financials

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

The Latest

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

×

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