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.
Editors' Picks
Sponsored by
More on Financials
The Latest
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 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.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
