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Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales Rise
The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
The “Jolie” diamond engagement ring in 18-karat yellow gold with alternating emerald-cut and round brilliant diamonds from Brilliant Earth’s “Mosaics” collection. The jewelry retailer reported growing engagement ring sales in Q2.
San Francisco—Brilliant Earth has raised its sales guidance for the year after posting solid second-quarter results, with sales of both engagement rings and non-bridal jewelry increasing.
On an earnings call Thursday morning, CEO Beth Gerstein and Chief Financial Officer Jeff Kuo shared how the company boosted walk-in traffic at its showrooms, the most popular price points for bridal, and how it’s handling tariffs.
For the second quarter ending June 30, the jewelry retailer posted net sales of $108.9 million, up 3 percent from $105.4 million in Q2 2023.
In the first half of the year, net sales were flat year-over-year at $202.8 million.
Gerstein said the retailer had a strong Mother’s Day.
Its Mother’s Day campaign, starring influencers Brigette Pheloung and Tania Sarin and their mothers, was a “resounding success,” said Gerstein, with strength seen across its assortment.
“We are excited to report a strong quarter where we drove positive year-over-year net sales growth and far exceeded the high end of our guidance for both net sales and profitability,” she said.
CFO Kuo addressed the potential impact of tariffs on its business.
He said the retailer has not yet assessed what Wednesday’s announcement about the pending 50 percent tariff on India, the world’s main center for diamond cutting and polishing, will mean for its business.
“Importantly, this is an industry-wide impact, and we believe Brilliant Earth is better positioned to navigate this environment over traditional jewelry retailers, given several competitive advantages,” Kuo said on Thursday’s call with analysts and investors.
He cited its geographic supply chain diversity, its technological capabilities, and its dynamic pricing model.
By the time the tariff on India is set to take effect on Aug. 27, most of Brilliant Earth’s Q3 will be complete, said Kuo, but the company will assess the impact on the rest of the year.
In the second quarter, gross profit was $63.5 million, or a 58 percent gross profit margin, down 1 percent compared with $64.1 million, or a 61 percent gross profit margin, in the prior-year period.
In the first half, gross profit was $118.5 million, or 58 percent of sales, down 3 percent from $122.4 million, or 60 percent of sales, in the prior-year period.
Adjusted EBITDA in Q2 was $3.2 million, down 42 percent year-over-year.
For the first half, adjusted EBITDA was $4.3 million, down 60 percent year-over-year.
The high price of gold and the impact of tariffs were the primary reasons the company’s margins shrank, with Kuo noting gross margins were “within our expectations for the quarter.”
The retailer is also spending more on its showrooms and employees as it continues its network expansion, he said.
The company was also strategically purchasing diamond and jewelry inventory in Q2 “at advantageous prices” ahead of anticipated tariff hikes, he said.
Related stories will be right here …
On an earnings call Thursday morning, CEO Beth Gerstein and Chief Financial Officer Jeff Kuo shared how the company boosted walk-in traffic at its showrooms, the most popular price points for bridal, and how it’s handling tariffs.
For the second quarter ending June 30, the jewelry retailer posted net sales of $108.9 million, up 3 percent from $105.4 million in Q2 2023.
In the first half of the year, net sales were flat year-over-year at $202.8 million.
Gerstein said the retailer had a strong Mother’s Day.
Its Mother’s Day campaign, starring influencers Brigette Pheloung and Tania Sarin and their mothers, was a “resounding success,” said Gerstein, with strength seen across its assortment.
“We are excited to report a strong quarter where we drove positive year-over-year net sales growth and far exceeded the high end of our guidance for both net sales and profitability,” she said.
CFO Kuo addressed the potential impact of tariffs on its business.
He said the retailer has not yet assessed what Wednesday’s announcement about the pending 50 percent tariff on India, the world’s main center for diamond cutting and polishing, will mean for its business.
“Importantly, this is an industry-wide impact, and we believe Brilliant Earth is better positioned to navigate this environment over traditional jewelry retailers, given several competitive advantages,” Kuo said on Thursday’s call with analysts and investors.
He cited its geographic supply chain diversity, its technological capabilities, and its dynamic pricing model.
By the time the tariff on India is set to take effect on Aug. 27, most of Brilliant Earth’s Q3 will be complete, said Kuo, but the company will assess the impact on the rest of the year.
In the second quarter, gross profit was $63.5 million, or a 58 percent gross profit margin, down 1 percent compared with $64.1 million, or a 61 percent gross profit margin, in the prior-year period.
In the first half, gross profit was $118.5 million, or 58 percent of sales, down 3 percent from $122.4 million, or 60 percent of sales, in the prior-year period.
Adjusted EBITDA in Q2 was $3.2 million, down 42 percent year-over-year.
For the first half, adjusted EBITDA was $4.3 million, down 60 percent year-over-year.
The high price of gold and the impact of tariffs were the primary reasons the company’s margins shrank, with Kuo noting gross margins were “within our expectations for the quarter.”
The retailer is also spending more on its showrooms and employees as it continues its network expansion, he said.
The company was also strategically purchasing diamond and jewelry inventory in Q2 “at advantageous prices” ahead of anticipated tariff hikes, he said.
The total number of orders in the second quarter rose 18 percent, marking its strongest year-over-year growth in two years, said Gerstein, while average order value (AOV) fell 13 percent to $2,074.
Repeat orders were up 11 percent year-over-year in the second quarter.
For the first half, the total number of orders rose 16 percent while the AOV fell 13 percent to $2,068.
Brilliant Earth has noted in previous quarters that sales of non-bridal jewelry are on the rise, but the category has a lower average price point, which is bringing down its AOV.
Gerstein also highlighted a second reason for declining AOV this quarter—more demand for engagement rings under $5,000.
The retailer reported high single-digit year-over-year growth in sales of engagement rings and wedding and anniversary bands.
Meanwhile, sales of non-bridal fine jewelry have been “an exciting growth driver for the business,” said Gerstein.
Customers can make appointments to visit its showrooms, rather than just stop in. Fine jewelry bookings in its stores increased by 38 percent year-over-year in the second quarter.
“I think that consumers continue to be very discerning in terms of fine jewelry and what they’re looking for is high quality, high value jewelry that they’re going to wear for many years,” Gerstein said.
The company attracted consumer attention this summer when it crafted a one-of-a-kind diamond bolo tie for Beyoncé, which Queen Bey wore during her “Cowboy Carter” tour.
It then launched a limited-edition bee pendant, which Gerstein said sold out in days.
Selena Gomez was seen at her birthday party wearing a one-of-a-kind 20-carat diamond necklace from the brand’s Jane Goodall collection.
The brand also welcomed tennis star Madison Keys as its first athlete ambassador.
Though it started as an online-only business, Brilliant Earth has been expanding its brick-and-mortar network in recent years.
Its latest store opening was in Alpharetta, Georgia, bringing its store count to 42.
The retailer has been experimenting with store elements like in-store enhancements and its visual merchandising.
“As a result, we have seen increased walk-in traction in our showrooms, and orders from retail customers without scheduled appointments grew 81 percent year-over-year in Q2, with fine jewelry experiencing the fastest growth,” said Gerstein.
Looking to the year ahead, the company is forecasting third-quarter net sales to increase 8 to 10 percent year-over-year with adjusted EBITDA of $3 million to $4.5 million.
For the full year, the company is expecting net sales to increase 2.5 to 4 percent year-over-year, up from its prior guidance of 1 to 3 percent, with an adjusted EBITDA margin of 3 to 4 percent.
Its outlook reflects metal prices and tariffs as of Aug. 5, the company noted.
Brilliant Earth has seen positive trends so far in Q3, said Gerstein, including strong overall bookings growth, unit growth in engagement rings and wedding and anniversary bands, continued outperformance in fine jewelry, and growth of both new and repeat orders.
“While we continue to monitor the macro environment, including tariffs and metal prices, we believe we are exceptionally well positioned to deliver against our annual goals and are confident to raise our annual top-line guidance,” she said.
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