Brilliant Earth Releases Third Annual Mission Report Highlighting Progress Towards ESG Goals
- Brilliant Earth showcases leadership in lab-grown diamonds with the Capture Collection and Renewable Diamond Collection.
- The Company commits to emission reductions aligned with the Science Based Targets initiative and emphasizes responsible sourcing with recycled materials.
- Brilliant Earth strengthens its blockchain leadership, monitors safe working conditions, and discloses in line with global reporting standards.
- The Company supports communities through the Brilliant Earth Foundation, empowers responsible gold mining, and promotes inclusive practices.
- Brilliant Earth sets goals for the future, including scaling blockchain-verified diamonds and transitioning to renewable energy sources.
- The Mission Report reflects the Company's ongoing commitment to transparency, sustainability, compassion, and inclusivity in the jewelry industry.
- None.
Insights
From a sustainability perspective, the actions taken by Brilliant Earth are notable for their proactive approach to environmental stewardship. The launch of the Carbon Capture Diamond Collection aligns with a growing consumer demand for sustainable products. By utilizing CO2 captured before it is released into the atmosphere, the company is not only reducing its carbon footprint but also innovating within the jewelry industry. The use of 96% recycled gold and 97% recycled silver is significant, as it reduces the demand for newly mined materials, which have a higher environmental impact.
Moreover, the commitment to set emission reduction targets in accordance with the Science Based Targets initiative indicates a strategic alignment with globally recognized standards. This may enhance the company's reputation and could potentially lead to cost savings through improved energy efficiency. However, the long-term success of these initiatives will depend on the actual implementation of the targets and the transparency in reporting progress.
Brilliant Earth's focus on social aspects such as safe working conditions, with a high percentage of their manufacturers being audited, reflects a commitment to ethical practices that go beyond mere compliance. This could improve stakeholder trust and potentially attract a customer base that values corporate social responsibility. Additionally, the empowerment of responsible gold mining communities and the support for artisanal female gemstone miners through Moyo Gems are commendable efforts that contribute to the social upliftment and economic empowerment in mining communities.
However, while these measures are impactful, the challenge lies in maintaining these standards and ensuring that the benefits reach the grassroots level. The success of such initiatives often depends on continuous engagement and long-term commitment to the communities involved.
The emphasis on inclusion and diversity within the management structure and through influencer partnerships suggests that Brilliant Earth is aligning its brand with the values of a broader customer demographic. The extension of inclusive sizing at no additional cost is a strategic move to cater to a wider market segment, which could potentially lead to increased customer loyalty and market share.
Setting ambitious goals for the future, such as 100% recycled or Fairmined gold and silver by 2025 and increasing the use of renewable energy in lab diamond production, positions the company as an industry leader in sustainability. However, these goals also set high expectations among consumers and investors. The company's ability to meet these targets could influence consumer perception and investor confidence. It will be important to monitor the progress towards these goals and the impact they have on the company's financial performance.
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 and97% 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, and92% 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 - 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 fromTanzania 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 and64% of director level and above employees identify as women, up4% and5% 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
Contact:
Marisa Ochoa
Marisa.ochoa@brilliantearth.com
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SOURCE Brilliant Earth
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