It was thumbs-up for digitally-native, mission-driven jewelry brand Brilliant Earth on its first day of public trading
Her interest grew out of personal frustration shopping for an engagement ring where she felt disenfranchised by the shopping experience. The purchase of an engagement ring is a once-in-a-lifetime purchase so she felt the shopping experience should match that heightened expectation. It didn’t.
“We focus on really beautiful, unique jewelry designs. We give our customers a joyful, personalized experience through our omni-channel model. And we are founded on ethical ESG principles. All of this is really important to our younger generation customers and our investors. It’s our competitive advantage,” she says.To date Brilliant Earth has served over 370,000 customers with wedding and engagement jewelry core to its product offerings.
And in 2020, it grew net profit to $22 million from a loss of $8 million in 2019. It’s on track for another profitable year, as profit reached $11 million through June 2021, as compared with $182,000 in the first six-months of 2020. For engagement rings, it offers a choice of natural and lab-grown diamonds, which MVI’s Hurwitz sees as a key competitive advantage, especially as many jewelry brands, like Tiffany and Cartier, refuse to offer lab-grown diamonds, at least for now. De Beers also makes lab-growns off limits for its engagement ring selections.
“Giving back has been foundational for us since our founding,” she says. “Diamond workers face exploitation and the value wasn’t translating back to the diamond diggers.”Transparency – Going “Beyond Conflict Free Diamonds” by requiring suppliers to adhere to the company’s even stricter code of conduct.Compassion – It established a donor-advised Brilliant Earth Foundation to manage its philanthropic mission, which included building a primary school for a diamond mining community in the Congo.
Being a digital-first brand, it will ride that wave too, as more fine jewelry purchases shift online, which reached 31% of the market up from 22% in 2019, according to Euromonitor.
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