Brilliant Earth

Last updated

Brilliant Earth
Company type Public
Nasdaq:  BRLT
IndustryJewelry
FoundedAugust 2005;18 years ago (2005-08)
FoundersBeth Gerstein
Eric Grossberg
Headquarters
San Francisco, California
,
U.S.
Key people
Beth Gerstein and Eric Grossberg, co-CEOs
Website www.brilliantearth.com

Brilliant Earth is an American company that sells jewelry featuring diamonds and other gemstones that are asserted to be ethically sourced. [1] The company was established in August 2005 by Beth Gerstein and Eric Grossberg, and is headquartered in San Francisco, California. [2] According to Businessweek , the company has been influential in creating a market for ethically sourced jewelry. [3] Some provenance claims were disputed as per a 2017 The Next Web article. [4]

Contents

History

The idea for Brilliant Earth was conceived in 2004 by two Stanford alumni, Beth Gerstein and Eric Grossberg. [3] Gerstein has said she was looking for an ethically produced engagement ring in 2003, [5] [6] failing which she partnered with Grossberg to establish Brilliant Earth [2] in August 2005, and launched their e-commerce website in July 2006. [3] [7]

The company has since opened showrooms in San Francisco, Atlanta, and elsewhere in the United States. [8] [9] [10] [11]

The company completed an initial public offering in September 2021. [12]

Operations

Brilliant Earth uses both natural diamonds and lab-created diamonds in its jewelry. [13] The natural diamonds are sourced from Diavik and Ekati mines in Canada, [14] [15] and from Namibia and Botswana. [14] [16] The company's sapphires are from either Australia or Malawi. [14]

The company uses recycled materials [17] such as gold, silver and platinum or obtains them from co-ops that meet standards set by the Alliance for Responsible Mining. [14] [18] [19] They are a Certified Carbonfree® Business Partner [20] and use FSC-certified wood for boxes. [21] They offer both modern as well as vintage styles including Victorian, Edwardian and Art Deco designs and serves a socially conscious audience. [22]

Certification

The company is certified by the Responsible Jewellery Council, a responsible and ethical business practices certification organization. [23]

Community service

Brilliant Earth donates a part of its profits to charities that help African communities affected by conflict diamonds. [14] [19] [2] In 2015, the company funded a mobile school in Lungudi, a village in the Democratic Republic of the Congo, for students at risk of working in the local diamond mines. [24] It has also partnered with Rainforest Alliance, an international non-profit organisation. [25]

Controversy

In June 2017, The Next Web reported Brilliant Earth was indicated to have inventory sourced from Canadian origins, despite eight of the ten listed suppliers were from India. The report was initiated following an April 2017 YouTube video [26] posted by self-claimed diamond industry insider Jacob Worth, wherein he investigated the origin of a Brilliant Earth diamond he had purchased, allegedly with a Canadian origin, to the New York supplier who reportedly indicated having no records of those origins. [4] Brilliant Earth filed a lawsuit against Worth for defamation, but the suit was discontinued without prejudice and without any disbursements, according to a notice filed in New York Supreme Court. No settlement is known to have been reached and the video posted by Worth was taken down. [27] [28]

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References

  1. ↑ Ibrahim, Banu. "Getting engaged? Here's how to find the perfect ring". CNN . Retrieved January 31, 2020.
  2. 1 2 3 Robinson, Cheryl. "How Brilliant Earth Is Disrupting The Diamond Industry And Enhancing The Customer Experience". Forbes . Retrieved May 7, 2019.[ self-published source ]
  3. 1 2 3 Gangemi, Jeffrey (October 18, 2006). "Shopping for the Guilt-Free Diamond". BusinessWeek. Archived from the original on March 8, 2013. Retrieved February 13, 2014.
  4. 1 2 Clark, Bryan (June 16, 2017). "Inside the 'conflict-free' diamond scam costing online buyers millions [Updated]". The Next Web. Retrieved June 17, 2017.
  5. ↑ Roethel, Kathryn (February 12, 2012). "Couple's ringing endorsement of ethical jewelry". San Francisco Chronicle. Retrieved February 13, 2014.
  6. ↑ Semuels, Alana (February 14, 2007). "Jewelry companies look for values in valuables". Los Angeles Times. Retrieved February 14, 2014.
  7. ↑ "Jewelry: Politically Correct Karats". Newsweek. March 11, 2007. Retrieved February 14, 2014.
  8. ↑ "Brilliant Earth". Brilliant Earth. Retrieved November 1, 2016.
  9. ↑ Garrison Phillips, Hayley (May 11, 2017). "Inside Brilliant Earth's Sleek New Showroom in Cady's Alley". Washingtonian . Retrieved July 16, 2018.
  10. ↑ Wilson, Marianne (March 6, 2017). "Ethically-sourced Brilliant Earth expanding in brick-and-mortar". Chain Store Age. Retrieved July 16, 2018.
  11. ↑ Garcia, Adrian D. (August 7, 2017). "A jewelry store that promises no 'blood diamonds' opens in Cherry Creek". Denverite. Retrieved July 16, 2018.
  12. ↑ Wack, Chris (September 23, 2021). "Brilliant Earth Group Shares Rise 35% in First Day of Trade". MarketWatch. Retrieved September 23, 2021.
  13. ↑ Avins, Jenni (April 14, 2016). "How to propose with an engagement diamond as rock-solid as your ethical values". Quartz . Retrieved July 16, 2018.
  14. 1 2 3 4 5 Carey, Steve. "How to tie an eco-friendly knot". Canada.com. Retrieved February 14, 2014.
  15. ↑ Vataj, Marina (December 4, 2006). "They're real - but made by man". The New York Post. Retrieved February 14, 2014.
  16. ↑ Sheppard, Kate (October 17, 2011). "How do I buy an ethical engagement ring". Mother Jones. Retrieved February 21, 2014.
  17. ↑ Wilson, Marianne. "Brilliant Earth continues retail store expansion". Chain Store Age – Retail Magazine. Retrieved November 4, 2019.
  18. ↑ DesMarais, Christina (February 14, 2014). "5 ways jewelry is becoming cleaner and greener". Greenbiz. Retrieved February 20, 2014.
  19. 1 2 Nancy E. Landrum; Sandra Edwards (August 1, 2009). Sustainable Business: An Executive's Primer. Business Expert Press. p. 104. ISBN   978-1-60649-049-5.
  20. ↑ "Brilliant Earth". Carbonfund.org.
  21. ↑ Mulcahy, Clarence. "10+ of the Best Ethical Engagement Rings". Eluxe Magazine. Retrieved February 2, 2019.
  22. ↑ Style staff. "Ethical engagement rings for the socially conscious couple". Lifestyle Asia Magazine. Retrieved February 11, 2020.
  23. ↑ "Brilliant Earth, LLC - Certification". Responsible Jewellery Council.
  24. ↑ Baker, Aryn (October 2, 2015). "For 40 Lucky Children, an Escape From Congo's Diamond Mines". Time . Retrieved July 16, 2018.
  25. ↑ Cremona, Patrick. "Brilliant Earth announces diamond pendant in support of Rainforest Alliance". Professional Jeweller. Retrieved October 18, 2019.
  26. ↑ "The Brilliant Earth Diamond Scam". YouTube . Archived from the original on June 17, 2017.
  27. ↑ "Brilliant Earth Ends Dispute with YouTuber". Rapaport Diamond Report . November 1, 2017. Retrieved July 16, 2018.
  28. ↑ Bates, Rob (October 31, 2017). "Brilliant Earth Settles Suit With Internet Critic". JCK. Retrieved July 16, 2018.
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