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.
Editors' Picks
Sponsored by
More on Financials
The Latest
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
