FinancialsFeb 15, 2023
Boucheron, Pomellato Post ‘Outstanding' Year for KeringFinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022
In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.
A “Cotillion” cultured pearl and diamond ring in 18-karat yellow gold ($1,390) from Brilliant Earth’s cocktail ring collection. The company saw net sales slip 2 percent in the fourth quarter but rise 16 percent for the full year.
San Francisco—Brilliant Earth ended its fiscal year on a high note, in spite of a slide in the fourth quarter.
“It was a great year for our brand,” CEO Beth Gerstein said on an earnings call Thursday evening.
She highlighted the company’s double-digit revenue growth, its gross margin increase and strong profitability, noting the fourth quarter exceeded its bottom-line expectations.
Here are five key takeaways from Brilliant Earth’s fourth-quarter and full-year results.
It was a strong year for Brilliant Earth, but a weak fourth quarter.
Net sales in the fourth quarter, which ended Dec. 31, slipped 2 percent year-over-year to $119.6 million, with net income falling 46 percent to $6.2 million.
Gross profit was $65.4 million, or a 55 percent gross profit margin, compared to $62.3 million, or a 51 percent gross profit margin, in the prior-year period.
Notably, ahead of the holiday season, Brilliant Earth said it would not be discounting to sell through its inventory, with Gerstein adding, “we don’t believe in chasing unprofitable growth.”
The total number of orders rose 14 percent, though the average order value (AOV) fell 14 percent.
The company’s full-year results were better, with net sales up 16 percent to $439.9 million.
However, net income fell 28 percent to $19 million.
Gross profit was $234.3 million, or a 53 percent gross profit margin, compared to $187.4 million, or a 49 percent gross profit margin, in the prior-year period.
Brilliant Earth took a record 149,613 orders in 2022, with total orders up 27 percent year-over-year but AOV down 9 percent.
The company has noted in previous quarters that sales of non-bridal fine jewelry are on the rise but the category has a lower average price point, which is bringing down its AOV.
On Wednesday’s call, Chief Financial Officer Jeff Kuo attributed the decline in AOV to strong demand for items priced below $10,000, in addition to the popularity of its non-bridal fine jewelry.
Brilliant Earth will continue to invest in non-bridal fine jewelry.
Brilliant Earth is best known for its bridal offerings but has been expanding its fine jewelry selection.
It has branched out into cocktail rings and men’s jewelry and has collaborated with popular designers for new collections, including Tacori and Jade Trau.
The company continued to see strong growth in non-bridal fine jewelry and plans to continue to invest in the category.
In Q4, fashion rings, particularly cocktail rings, did well, as did on-trend tennis bracelets and necklaces.
“We know our fine jewelry is attracting new customers to our brand,” said Gerstein, noting that one-third of new customers bought non-bridal fine jewelry.
Its wedding bands were also top sellers.
“2021 was an unprecedented year of growth in bridal for our industry, and, while we anticipate some normalization over the course of this year, we expect to continue to drive share gains as we introduce new collections,” said Gerstein, hinting at some newness coming in the next few weeks.
The brand is resonating with Gen-Z and millennial shoppers, and self-purchasers.
The company also boasted about its appeal to Gen-Z and millennial customers.
Online searches for Brilliant Earth reached an all-time high in Q4, said the company.
The number of customers served in 2022 grew 25 percent.
Related stories will be right here …
“It was a great year for our brand,” CEO Beth Gerstein said on an earnings call Thursday evening.
She highlighted the company’s double-digit revenue growth, its gross margin increase and strong profitability, noting the fourth quarter exceeded its bottom-line expectations.
Here are five key takeaways from Brilliant Earth’s fourth-quarter and full-year results.
It was a strong year for Brilliant Earth, but a weak fourth quarter.
Net sales in the fourth quarter, which ended Dec. 31, slipped 2 percent year-over-year to $119.6 million, with net income falling 46 percent to $6.2 million.
Gross profit was $65.4 million, or a 55 percent gross profit margin, compared to $62.3 million, or a 51 percent gross profit margin, in the prior-year period.
Notably, ahead of the holiday season, Brilliant Earth said it would not be discounting to sell through its inventory, with Gerstein adding, “we don’t believe in chasing unprofitable growth.”
The total number of orders rose 14 percent, though the average order value (AOV) fell 14 percent.
The company’s full-year results were better, with net sales up 16 percent to $439.9 million.
However, net income fell 28 percent to $19 million.
Gross profit was $234.3 million, or a 53 percent gross profit margin, compared to $187.4 million, or a 49 percent gross profit margin, in the prior-year period.
Brilliant Earth took a record 149,613 orders in 2022, with total orders up 27 percent year-over-year but AOV down 9 percent.
The company has noted in previous quarters that sales of non-bridal fine jewelry are on the rise but the category has a lower average price point, which is bringing down its AOV.
On Wednesday’s call, Chief Financial Officer Jeff Kuo attributed the decline in AOV to strong demand for items priced below $10,000, in addition to the popularity of its non-bridal fine jewelry.
Brilliant Earth will continue to invest in non-bridal fine jewelry.
Brilliant Earth is best known for its bridal offerings but has been expanding its fine jewelry selection.
It has branched out into cocktail rings and men’s jewelry and has collaborated with popular designers for new collections, including Tacori and Jade Trau.
The company continued to see strong growth in non-bridal fine jewelry and plans to continue to invest in the category.
In Q4, fashion rings, particularly cocktail rings, did well, as did on-trend tennis bracelets and necklaces.
“We know our fine jewelry is attracting new customers to our brand,” said Gerstein, noting that one-third of new customers bought non-bridal fine jewelry.
Its wedding bands were also top sellers.
“2021 was an unprecedented year of growth in bridal for our industry, and, while we anticipate some normalization over the course of this year, we expect to continue to drive share gains as we introduce new collections,” said Gerstein, hinting at some newness coming in the next few weeks.
The brand is resonating with Gen-Z and millennial shoppers, and self-purchasers.
The company also boasted about its appeal to Gen-Z and millennial customers.
Online searches for Brilliant Earth reached an all-time high in Q4, said the company.
The number of customers served in 2022 grew 25 percent.
Notably, it touted 70 percent year-over-year estimated growth in women purchasing jewelry for themselves in 2022.
“We know that self-purchase is an important and growing trend in the jewelry category. And, for Brilliant Earth, our strong brand resonance across genders has been a major driver of new customer and order growth,” said Gerstein.
As younger shoppers search for brands aligned with their values, Brilliant Earth continues to work toward being a more sustainable jewelry brand.
Alongside its annual results, Brilliant Earth released its 2022 Mission Report, outlining its ESG (Environmental, Social and Governance) progress and future goals, which focus on “transparency, sustainability, compassion, and inclusion.”
Its goals include using 100 percent recycled or Fairmined certified precious metals by 2025 and improving its traceability efforts.
Brilliant Earth’s store network will keep expanding, and its inventory model may evolve.
Though it started as an online-only business, Brilliant Earth has been expanding its brick-and-mortar presence.
In 2022, the company opened new showrooms in 10 cities, including Houston, Minneapolis, Detroit, and St. Louis.
Its first opening of 2023 was in Charlotte, North Carolina, marking its 26th location. The company plans to open 10 new locations this year, including stores in Brooklyn, New York; Tampa, Florida; and Pasadena, California.
Brilliant Earth’s stores function as showrooms. They are light on inventory, with customers viewing select jewelry on display and then placing orders online.
However, this model may change, said Kuo.
“Over time, as we successfully expand fine jewelry to be a larger percentage of our business and grow our showroom footprint, we do anticipate our inventory model will evolve to accommodate those needs,” he said.
The company is approaching the year ahead with cautious confidence.
Looking to the year ahead, the company is expecting first-quarter net sales of $94 million to $96 million with adjusted EBITDA of $2.5 million to $3.5 million.
For fiscal 2023, Brilliant Earth is forecasting new sales of $460 million to $490 million with adjusted EBITDA of $17 million to $32 million.
Gerstein said, “We feel great about the strength of our brand and the resilience of this category and we are balancing that with some degree of caution given the current environment and recognizing that we are coming off of our biggest year in weddings.”
She added the company has plans to reach new customers and retain the loyalty of its existing ones via design innovation, marketing efforts, expanding its fine jewelry selection, improving its omnichannel experience, and opening new showrooms.
More on Financials
The Latest
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
