Brilliant Earth Q1 shows resilience as higher-income shoppers trade up
Brilliant Earth’s $99.5 million quarter showed affluent buyers still willing to trade up, even as lower-priced demand softened and fine jewelry bookings jumped 33%.
Brilliant Earth’s first quarter delivered a clean read on the jewelry market: higher-income shoppers kept spending, while lower-priced demand softened. Net sales rose 6 percent to $99.5 million, total orders and average order value each increased 3 percent, and fine jewelry bookings climbed 33 percent, a strong sign that the brand’s push beyond bridal is finding traction with customers who still want everyday pieces with a luxury finish.
The pricing story was just as telling. Brilliant Earth said average selling price rose across the assortment, and management said customers were “mixing into higher-priced items,” a shift the company tied to strength with higher-income consumers. Selective price increases also helped offset higher metal costs and tariffs. Gross margin held at 54.3 percent, while adjusted EBITDA was negative $4.7 million, a combination that suggests the brand has enough pricing power to protect margin, even if profitability is still being built quarter by quarter.
That trade-up trend was visible in the company’s retail footprint as well. Brilliant Earth opened its first flagship showroom in Beverly Hills, California, during the quarter and ended with 42 showrooms in total. Two more openings are planned by year-end, in San Antonio, Texas, and San Jose, California. In a category where a showroom can still function like a salon, a fitting room, and a trust signal all at once, that expansion points to a customer who wants to see, compare, and commit in person before buying.
Brilliant Earth also reiterated full-year guidance for mid-single-digit net sales growth, mid-50s gross margin, and positive adjusted EBITDA, with profitability expected to be weighted toward the fourth quarter. For everyday fine jewelry, the message is clear: the pieces still winning are the ones that feel personal enough to wear often, yet substantial enough to justify a higher ticket. In a cautious market, that balance is becoming the new definition of worth.
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