FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
A campaign image from Brilliant Earth’s partnership with Logan Hollowell Fine Jewelry. Brilliant Earth reported flat net sales growth in the first quarter.
San Francisco—Brilliant Earth had a muted start to the year with first-quarter net sales growth flat.
“As a growth company, I’m pleased with our continued ability to consistently execute our strategic initiatives and deliver share gains and profitability,” CEO Beth Gerstein said in a statement.
Net sales in the first quarter 2024, which ended March 31, were flat year-over-year at $97.3 million, compared with $97.7 million in Q1 2023.
The results were in line with the company’s expectations of $96.5 million to $98.5 million in sales.
Adjusted EBITDA was $5.1 million, exceeding the company’s guidance range of $1 million to $2.5 million.
Net income tripled to $1.1 million, up from a net loss of $1 million in the previous first quarter.
Gross profit was $58.3 million, or a 60 percent gross profit margin, compared with $53.7 million, or a 55 percent gross profit margin, in the prior-year period.
The total number of orders in the first quarter rose 14 percent, with repeat order volume up more than 20 percent year-over-year, while the average order value (AOV) fell 12 percent.
The company has noted in previous quarters that non-bridal jewelry sales are on the rise, but the category has a lower average price point, which is bringing down its AOV.
On an earnings call held May 9, Gerstein noted a strong performance for Valentine’s Day. In the two weeks leading up to the holiday, fashion jewelry sales grew 45 percent year-over-year.
Classics like tennis bracelets and diamond studs were top sellers, as were its trendier pieces.
Heart-shaped jewelry was a standout, with sales up 182 percent year-over-year.
Brilliant Earth’s wedding and anniversary assortment posted double-digit sales growth in the quarter.
Notably, its men’s wedding ring collection saw “outsized” growth, with strong demand for textured and accented rings.
“We also see more and more customers purchase our rings for occasions outside of weddings. For example, we believe that more and more of our eternity ring sales are self-purchases,” said Gerstein.
Its fashion rings segment saw 75 percent year-over-year sales growth in the quarter.
As for its engagement rings, Gerstein said sales were solid despite “ongoing industry challenges and a heavy discount-oriented promotional environment, which we chose not to follow. Our premium brand and curated proprietary assortments continue to resonate with engagement ring consumers.”
“We believe we are on a multi-year path to recovery in engagements starting this year, and we are confident in our ability to continue to grow market share as we are increasingly recognized as the go-to brand for premium distinctive bridal jewelry.”
Chief Financial Officer Jeff Kuo said in Q2 so far, the company, “continues to drive robust order growth and have strong momentum in fine jewelry and wedding and anniversary bands, offset with a softer start in engagement range as the industry continues to face some headwinds along the gradual path to normalization.”
Related stories will be right here …
“As a growth company, I’m pleased with our continued ability to consistently execute our strategic initiatives and deliver share gains and profitability,” CEO Beth Gerstein said in a statement.
Net sales in the first quarter 2024, which ended March 31, were flat year-over-year at $97.3 million, compared with $97.7 million in Q1 2023.
The results were in line with the company’s expectations of $96.5 million to $98.5 million in sales.
Adjusted EBITDA was $5.1 million, exceeding the company’s guidance range of $1 million to $2.5 million.
Net income tripled to $1.1 million, up from a net loss of $1 million in the previous first quarter.
Gross profit was $58.3 million, or a 60 percent gross profit margin, compared with $53.7 million, or a 55 percent gross profit margin, in the prior-year period.
The total number of orders in the first quarter rose 14 percent, with repeat order volume up more than 20 percent year-over-year, while the average order value (AOV) fell 12 percent.
The company has noted in previous quarters that non-bridal jewelry sales are on the rise, but the category has a lower average price point, which is bringing down its AOV.
On an earnings call held May 9, Gerstein noted a strong performance for Valentine’s Day. In the two weeks leading up to the holiday, fashion jewelry sales grew 45 percent year-over-year.
Classics like tennis bracelets and diamond studs were top sellers, as were its trendier pieces.
Heart-shaped jewelry was a standout, with sales up 182 percent year-over-year.
Brilliant Earth’s wedding and anniversary assortment posted double-digit sales growth in the quarter.
Notably, its men’s wedding ring collection saw “outsized” growth, with strong demand for textured and accented rings.
“We also see more and more customers purchase our rings for occasions outside of weddings. For example, we believe that more and more of our eternity ring sales are self-purchases,” said Gerstein.
Its fashion rings segment saw 75 percent year-over-year sales growth in the quarter.
As for its engagement rings, Gerstein said sales were solid despite “ongoing industry challenges and a heavy discount-oriented promotional environment, which we chose not to follow. Our premium brand and curated proprietary assortments continue to resonate with engagement ring consumers.”
“We believe we are on a multi-year path to recovery in engagements starting this year, and we are confident in our ability to continue to grow market share as we are increasingly recognized as the go-to brand for premium distinctive bridal jewelry.”
Chief Financial Officer Jeff Kuo said in Q2 so far, the company, “continues to drive robust order growth and have strong momentum in fine jewelry and wedding and anniversary bands, offset with a softer start in engagement range as the industry continues to face some headwinds along the gradual path to normalization.”
Though it started as an online-only business, Brilliant Earth has been expanding its brick-and-mortar network in recent years.
It is on track to open three new showrooms in the second half of the year, including two in Boston, at the Seaport and in Chester Hill, and its first street-level location in New York City’s NoLiTa neighborhood.
“We are beginning the year with positive momentum, and we believe we are in a great position to deliver on our strategic and financial goals for the full fiscal year,” said Gerstein.
The company reiterated its fiscal guidance for the year ahead.
For fiscal 2024, Brilliant Earth is forecasting net sales of $455 million to $469 million with adjusted EBITDA of $14 million to $22 million.
For the second quarter, the company is expecting a low-to-mid single-digit decline in net sales and a low single-digit percentage adjusted EBITDA margin.
More on Financials
The Latest
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
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.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
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.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
