Brilliant Earth Group Inc (NASDAQ: BRLT) is a fine jewelry and diamond retail company that sells engagement rings, loose diamonds, and fine jewelry through a direct-to-consumer model combining e-commerce with physical showrooms. Revenue is transactional, generated from the sale of natural diamonds, lab-grown diamonds, gemstones, and jewelry to end consumers. The company operates in one reporting segment, the retail sale of diamonds, gemstones, and jewelry, and reported net sales of $437.5 million for the year ended December 31, 2025, up from $422.2 million for the year ended December 31, 2024. Net loss was $6.4 million for FY2025 versus net income of $4.0 million for FY2024. Adjusted EBITDA was $12.0 million (2.7% margin) for FY2025, down from $21.1 million (5.0% margin) for FY2024. The company was among the first jewelers to offer lab-grown diamonds, doing so in 2012, and has sold to customers across more than 50 countries despite limited international language, logistics, and currency infrastructure.

Revenue model

Transactional retail sales of diamonds, gemstones, and jewelry directly to consumers through e-commerce and physical showrooms. No subscription or licensing revenue is disclosed in the filing excerpts.

Products and services

Natural diamonds with listed origin (Beyond Conflict Free Diamonds), lab-grown diamonds, Pathway to Beyond Conflict Free Diamonds (launched February 2025), loose diamonds, engagement rings, diamond earrings, diamond necklaces, and fine jewelry. A majority of the ring collection is proprietary, designed by an in-house design studio.

Customers and end markets

Direct-to-consumer, with primary demand driven by engagement and bridal purchases. Core customer base skews toward Millennial and Gen Z consumers. The company also targets self-purchase and gift occasions to grow repeat purchases beyond the initial engagement ring transaction. No single customer concentration is disclosed in the filing excerpts.

Value-chain role

Vertically integrated at the design and retail layer. Sources natural diamonds from approved mines through vetted suppliers with chain-of-custody protocols, and sources gold and silver fine jewelry from primarily repurposed precious metals. Operates an in-house design studio and fulfills orders through a showroom and e-commerce platform. Relies on a small number of dominant diamond mining firms for rough diamond supply.

Geographic exposure

Primarily United States-based showroom and e-commerce operations. Has sold to customers in more than 50 countries as of the FY2025 10-K filing, with minimal existing international language, logistics, and currency support.

Source: SEC 10-K, filed 2026-03-17

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