Brilliant Earth Q4 2025: Fine Jewelry, Lab-Grown Diamonds Boost Bridal Sales

Brilliant Earth recorded its largest quarter ever of net sales in Q4 2025, driving 4% year‑over‑year growth, and CEO Beth Gerstein opened the earnings call by saying, "Good morning, everyone, thank you for joining us. I’m pleased to share strong Q4 results today. We delivered our largest quarter ever of net sales in Q4, driving 4% year-over-year growth in net sales, with particularly strong performance in fine jewelry." JCK reported the quarter’s net sales at $124.4 million and full‑year 2025 sales at $437.5 million for the company.

Fine jewelry emerged as the quarter’s clear standout: bookings for the category grew 34% year‑over‑year in Q4 and comprised 23% of total bookings in the quarter, up from 17% for the full year. Management noted operational milestones in the period, with "multiple days where we hit $1 million in fine jewelry bookings" for the first time. Lab‑grown fine jewelry was an outsized contributor as well, with bookings for lab‑grown pieces jumping 61% year‑over‑year in Q4.

Customer metrics showed deeper engagement: total orders rose 7% in Q4, repeat orders increased 15% in the quarter and 13% for the full year, and average order value was $2,001 in Q4 and $2,082 for the full year, down 2.3% in Q4 and 8.2% for the year. Management explained the AOV decline as a function of heavier fine jewelry volume, which carries a lower price point on average, alongside year‑over‑year increases in average selling prices for higher price items.

Profitability results were mixed under pressure from metal costs. Q4 gross margin was 55.9% versus a full‑year margin of 57.5%, and CEO Gerstein attributed the quarter’s gross margin decline to high precious metal prices. Adjusted EBITDA for Q4 was $4.2 million, a 3.3% margin, and full‑year adjusted EBITDA was $12.0 million, a 2.7% margin, figures management connected to "strong gross margin, another quarter and year of year-over-year marketing leverage, and overall operating expense discipline enabled us to drive a Q4 adjusted EBITDA of $4,200,000, or a 3.3% margin, and full-year adjusted EBITDA of $12,000,000, or a 2.7% margin."

Strategically, Brilliant Earth is leaning away from a pure‑bridal e‑commerce model toward higher‑margin fine jewelry and experiential retail, including an expanded showroom footprint and a newly opened Beverly Hills flagship. Gerstein stressed growth potential, saying, "There’s a lot of opportunity," and noting, "Half of our new customers discover us now through fine jewelry, [and that] shows you the size of the opportunity." The company also reported marketing efficiency gains from AI and machine learning and described robust free cash flow generation while taking a cautious posture on medium‑term guidance because precious metal markets remain unpredictable.

The quarter signals a deliberate pivot: fine jewelry and lab‑grown diamonds are now core drivers of discovery and bookings, even as the company watches metal prices and invests in omnichannel retail to sustain higher‑margin growth.