Brilliant Earth Group, Inc.

BRLT

$1.32

+0.76%

N/A+$0.01

Consumer Cyclical

Luxury Goods

NASDAQ

Active Trading

Brilliant Earth Group, Inc. is a company that specializes in the creation, sourcing, and retail distribution of diamonds, gemstones, and various types ...

Supply Chain of BRLT

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Natural Diamond Suppliers (Vetted Network)

Lab-Grown Diamond Suppliers (Certified Network)

Precious Metal Refiners (RJC-Certified)

ARE Holdings Inc. (Asahi Refining)

Third-Party Jewelry Manufacturers (US-based workshops)

Tracr (De Beers Group / Anglo American)

Anglo American plc (majority owner of De Beers / Tracr)

Natural Diamond Suppliers (Vetted Network)

Supply of rough and polished natural diamonds from approved source countries (Botswana, Canada, Namibia, South Africa)

Lab-Grown Diamond Suppliers (Certified Network)

Supply of laboratory-created diamonds meeting Brilliant Earth's proprietary quality and sustainability protocols

Precious Metal Refiners (RJC-Certified)

Supply of 99.5% repurposed gold and 96.4% repurposed silver. Approved refiners certified by Responsible Jewellery Council (RJC) or equivalent

ARE Holdings Inc. (Asahi Refining)

TSE:5857

Potential precious metal refiner supplying recycled gold/silver. RJC-certified refiner. Wholly-owned subsidiary of ARE Holdings

Third-Party Jewelry Manufacturers (US-based workshops)

Contract manufacturing of finished jewelry (settings, rings, necklaces, etc.) per Brilliant Earth's in-house designs

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Direct-to-Consumer (Online — brilliantearth.com)

Direct-to-Consumer (Physical Showrooms — 45+ US locations)

Klarna Bank AB (private)

Wells Fargo & Company

Direct-to-Consumer (Online — brilliantearth.com)

Primary sales channel. Customers in 50+ countries. Digital-first model with ~150,000+ diamonds listed via vetted supplier network · 65.0%

Direct-to-Consumer (Physical Showrooms — 45+ US locations)

Omnichannel retail showrooms in major metro areas including New York, San Francisco, Los Angeles, Chicago, Boston, Atlanta, Dallas, Washington DC, etc. · 35.0%

Affirm Holdings, Inc.

NASDAQ:AFRM

Buy-now-pay-later (BNPL) financing partner enabling installment payments for customers

Klarna Bank AB (private)

Buy-now-pay-later (BNPL) financing partner offering pay-in-4 and pay-over-time options

Wells Fargo & Company

NYSE:WFC

Jewelry credit card and extended financing partner for customers

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

LVMH Moët Hennessy Louis Vuitton SE

Compagnie Financière Richemont SA

Signet Jewelers Limited

NYSE:SIG

Largest US jewelry retailer and primary publicly traded competitor. Owns Kay Jewelers, Zales, Jared, Blue Nile, and James Allen. Directly comparable as omnichannel bridal/fine jewelry retailer.

Movado Group, Inc.

NYSE:MOV

Publicly traded mid-market jewelry and watch company. Provides a valuation comparable for a smaller US-based jewelry brand with similar customer demographic.

LVMH Moët Hennessy Louis Vuitton SE

EPA:MC

Luxury goods conglomerate owning Tiffany & Co., a high-end jewelry competitor. Provides exposure to the broader fine jewelry and luxury retail sector.

Compagnie Financière Richemont SA

SWX:CFR

Luxury goods group owning Cartier and Van Cleef & Arpels. Provides exposure to fine jewelry demand trends at the luxury end of the market.

Geographic

Region-level exposures that can distort the supply network.

Geographic

Botswana

Canada

Namibia & South Africa

Debswana Diamond Company (De Beers 50% / Botswana Gov 50%)

Canadian diamond mining operations (suppliers to Brilliant Earth network)

Namibian and South African diamond mines (suppliers to Brilliant Earth network)

Botswana

Natural diamond supply source (Debswana / De Beers)

Debswana Diamond Company (De Beers 50% / Botswana Gov 50%)Major source of Botswana-sort natural diamonds sold by Brilliant Earth

Canada

Natural diamond supply source (NWT/Canadian mines)

Canadian diamond mining operations (suppliers to Brilliant Earth network)Source of Canadian origin diamonds featured on Brilliant Earth's platform

Namibia & South Africa

Additional natural diamond supply sources

Namibian and South African diamond mines (suppliers to Brilliant Earth network)Source of origin diamonds from low/moderate-risk countries per BE sourcing policy

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Heavy reliance on bridal/engagement market (~77% of revenue). Demand tied to wedding cycles, macro-economic conditions, and consumer discretionary spending. Engagement ring purchases are cyclical and sensitive to economic downturns.

Other

High

Intense competition from Signet Jewelers (SIG) which controls ~90%+ of the publicly-compared jewelry retail market share vs BRLT's ~5-6%. Signet owns Blue Nile, James Allen, Kay, Zales, Jared — all direct competitors in the online bridal space.

Foundry

High

Lab-grown diamond price erosion risk. Rapid technological improvements in CVD/HPHT diamond manufacturing are driving down lab-grown diamond prices, potentially compressing margins on the growing lab-diamond segment of Brilliant Earth's product mix.

Equipment

Medium

No single supplier name publicly disclosed — the company's supply chain is intentionally opaque to protect sourcing relationships, creating information risk for investors. Diamond suppliers, precious metal refiners, and jewelry manufacturers are not named individually.

Other

Medium

Dependence on third-party jewelry manufacturers and lack of owned production facilities. Quality control issues and negative customer reviews on social media (Reddit, Yelp) about product durability and returns could damage brand reputation.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Bridal (Engagement Rings + Wedding & Anniversary Bands)

77.0%

$0.3B

Drives demand for high-quality natural and lab-grown diamonds, precious metals (gold, platinum), and precision jewelry manufacturing. Made-to-order model requires flexible supplier capacity.

Fine Jewelry (Necklaces, Earrings, Bracelets, Gemstone Rings)

23.0%

$0.1B

Fastest-growing segment (+34% YoY in Q4 2025). Requires diverse gemstone sourcing, colored gemstone suppliers, and nimble manufacturing partners for shorter production runs.

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Brilliant Earth Group, Inc.

Supply Chain of BRLT

Upstream

Natural Diamond Suppliers (Vetted Network)

Lab-Grown Diamond Suppliers (Certified Network)

Precious Metal Refiners (RJC-Certified)

ARE Holdings Inc. (Asahi Refining)

Third-Party Jewelry Manufacturers (US-based workshops)

FedEx Corporation

Tracr (De Beers Group / Anglo American)

Anglo American plc (majority owner of De Beers / Tracr)

View More

Downstream

Direct-to-Consumer (Online — brilliantearth.com)

Direct-to-Consumer (Physical Showrooms — 45+ US locations)

Affirm Holdings, Inc.

Klarna Bank AB (private)

Wells Fargo & Company

Proxies

Signet Jewelers Limited

Movado Group, Inc.

LVMH Moët Hennessy Louis Vuitton SE

Compagnie Financière Richemont SA

Geographic

Botswana

Canada

Namibia & South Africa

Supply Chain of BRLT

Upstream

Natural Diamond Suppliers (Vetted Network)

Lab-Grown Diamond Suppliers (Certified Network)

Precious Metal Refiners (RJC-Certified)

ARE Holdings Inc. (Asahi Refining)

Third-Party Jewelry Manufacturers (US-based workshops)

FedEx Corporation

Tracr (De Beers Group / Anglo American)

Anglo American plc (majority owner of De Beers / Tracr)

View More

Downstream

Direct-to-Consumer (Online — brilliantearth.com)

Direct-to-Consumer (Physical Showrooms — 45+ US locations)

Affirm Holdings, Inc.

Klarna Bank AB (private)

Wells Fargo & Company

Proxies

Signet Jewelers Limited

Movado Group, Inc.

LVMH Moët Hennessy Louis Vuitton SE

Compagnie Financière Richemont SA

Geographic

Botswana

Canada

Namibia & South Africa