Brilliant Earth Group, Inc. (Nasdaq: BRLT), renowned for its commitment to ethically sourced fine jewelry, has released its 2023 Mission Report. This latest report, alongside the launch of new website pages detailing the company’s mission, underscores Brilliant Earth’s ongoing efforts towards achieving transparency, sustainability, compassion, and inclusivity within the jewelry industry.
“We are thrilled to launch our third annual Mission Report, a testament to our unwavering dedication to transparency and sustainability. This report underscores our commitment to driving positive change within the jewelry industry and empowering consumers to make informed choices,” said Beth Gerstein, CEO and Co-Founder of Brilliant Earth. “As we continue to pave the way for a more responsible future, we invite our community to explore our new site experience for details on our progress and join us in our mission to create a more responsible jewelry industry.”
A Commitment to Sustainability
The 2023 Mission Report outlines several key advancements in sustainability efforts:
- Advanced Lab Diamond Leadership: The introduction of the Capture Collection, labelled as the world’s most extensive assortment of lab diamonds produced using captured CO2, and the Renewable Diamond Collection, cultivated with 100% renewable energy.
- Aligning with Climate Science: The commitment to establishing near-term company-wide emission reductions aligns with the Science Based Targets initiative (SBTi), including a third-party review of its greenhouse gas inventory.
- Commitment to Circularity: Notable for its responsible sourcing, Brilliant Earth uses 96% recycled gold and 97% recycled silver in its products and offers a recycling scheme for used jewelry.
Enhancing Transparency
Transparency remains a core pillar of Brilliant Earth’s mission, with significant achievements reported:
- Blockchain Leadership: The company has enhanced its range of blockchain-verified natural diamonds, positioning itself as an industry leader in transparency.
- Safe Working Conditions: Audits confirm 98% of natural diamond and jewelry manufacturers, and 92% of lab diamond manufacturers meet safety standards.
- Sustainability Reporting: Voluntary reporting against 103 Global Reporting Initiative and Sustainability Accounting Standards Board indicators, including emissions data, showcases the company’s commitment to transparency.
Fostering Compassion
Brilliant Earth’s compassionate efforts include:
- Brilliant Earth Foundation: With $523,000 committed to non-profits, the foundation supports various causes aligned with the company’s mission.
- Support for Responsible Mining: In Peru’s Madre de Dios region, Brilliant Earth has aided four mines in achieving Fairmined Certification, a first for the Amazon area.
- Moyo Gems Expansion: The expansion of Moyo Gems into Kenya and funding for financial literacy for artisanal female gemstone miners are highlighted as key achievements.
Promoting Inclusion
The report also details Brilliant Earth’s commitment to inclusion:
- Diversity in Leadership: Increases in the percentage of women in management and director-level positions.
- Diverse Influencer Partnerships: 42% of influencer partners reflect the company’s diverse customer demographic.
- Inclusive Sizing: The extension of ring sizing at no additional cost marks a significant step towards inclusivity.
Looking Forward
Brilliant Earth has set ambitious goals for the future:
- By 2024, the company aims to expand its blockchain-verified diamonds and set emissions reduction targets with SBTi validation.
- By 2025, the target is for 100% of gold and silver to be recycled or Fairmined, with an increase in recycled platinum and 50% of lab diamond inventory to be processed using renewable energy.
With the release of the report, Gerstein said, “The environmental, social, and governance goals this Mission Report addresses are not marked by a single point in time. Like Brilliant Earth’s Mission — to create a more transparent, sustainable, compassionate, and inclusive jewelry industry — these goals are steps within a much longer journey. We are pleased to present Brilliant Earth’s 2023 Mission Report, our third annual report since becoming a public company in 2021.”
