Brilliant Earth Releases Third Annual Mission Report Highlighting Progress Towards ESG Goals
SAN FRANCISCO , March 19, 2024 /PRNewswire/ -- Brilliant Earth Group, Inc. (Nasdaq: BRLT), a global leader in ethically sourced fine jewelry, today announced the launch of its 2023 Mission Report, marking another milestone in its commitment to transparency, sustainability, compassion, and inclusivity. Alongside the release of this comprehensive report, Brilliant Earth is also publishing new dedicated pages on its website aimed at providing a detailed look into the Company's mission and ongoing efforts to promote responsibility 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."
The Mission Report categorizes the Company's progress to date across its four key pillars. Highlights from 2023 include:
Sustainability:
- Advanced Lab Diamond Leadership:
- Carbon Capture Diamond Collection: Launched the Capture Collection, the world's largest collection of lab diamonds created using CO2 captured before it is released into the atmosphere.
- Renewable Diamond Collection: Introduced a new collection of lab diamonds grown, cut, and polished with 100% renewable energy from wind and solar.
- Aligning with Climate Science: Committed to set near-term Company-wide emission reductions in line with the Science Based Targets initiative (SBTi) and invited a third-party to conduct limited assurance of our 2023 greenhouse gas inventory and baseline in preparation for setting targets with SBTi.
- Commitment to Circularity: Continued leadership in responsible sourcing with the use of 96% recycled gold and 97% recycled silver across the entire product assortment and offered a recycling program for used jewelry.
Transparency:
- Strengthened Blockchain Leadership of Beyond Conflict-Free Diamonds: Bolstered the Company's offering of the largest number of blockchain-verified natural diamonds in the industry with an increase in the number of blockchain technology provider partners.
- Monitored for Safe Working Conditions: 98% of natural diamond manufacturers, 98% of jewelry manufacturers, and 92% of lab diamond manufacturers were audited for safe working conditions.
- Disclosed in line with Global Reporting Initiative and Sustainability Accounting Standards Board: Voluntarily reported to 103 GRI and SASB indicators, including Scope 1, 2, and 3 emissions.
Compassion:
- Furthered the Impact of the Brilliant Earth Foundation: Committed $523,000 to nonprofits through the Brilliant Earth Foundation.
- Empowered Responsible Gold Mining Communities: Supported 4 mines in Madre de Dios, Peru in completing their Fairmined Certifications, the first to do so in the Amazon, with Pure Earth and the Alliance for Responsible Mining.
- Progressed Moyo Gems: Enabled Moyo Gems to successfully expand into Kenya from Tanzania and funded financial literacy trainings focused on artisanal female gemstone miners for the development of secondary sources of income. To-date, 465 miners are enrolled in Moyo, 203 people are served by the financial literacy trainings, and 1,400 household members have benefitted.
Inclusion:
- Increased Diversity in Management and Above: 73% of people managers and 64% of director level and above employees identify as women, up 4% and 5% respectively from 2022.
- Amplified Diverse Voices: 42% of influencer partners reflected the Company's diverse customer demographic.
- Scaled Inclusive Sizing: Rolled out extended ring sizing across the Company's entire assortment of engagement rings, wedding bands, and fashion rings at no additional cost to the consumer.
In the report, Brilliant Earth has also set goals for the years ahead. Highlights include:
By 2024:
- Continue to scale blockchain-verified diamonds across the Company's supplier base.
- Set near-term and net-zero emissions reductions targets and submit to SBTi for validation, encourage suppliers to transition to renewable energy, and evaluate the availability of renewable energy for showrooms to reach emissions targets.
By 2025:
- 100% of gold and silver to be recycled or Fairmined, with a year-over-year increase in recycled platinum.
- 50% of lab diamond inventory to be cut and polished using renewable energy.
With the release of the report, Gerstein remarked, "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."
About Brilliant Earth
Brilliant Earth is a digitally native, omnichannel fine jewelry company and a global leader in ethically sourced fine jewelry. Led by co-founders Beth Gerstein and Eric Grossberg, the Company's mission since its founding in 2005 has been to create a more transparent, sustainable, and compassionate jewelry industry. Headquartered in San Francisco, CA and Denver, CO, Brilliant Earth now has more than 35 showrooms and services customers in over 50 countries worldwide.
Contact:
Marisa Ochoa
SOURCE Brilliant Earth
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