Ethical jeweler Brilliant Earth publishes its first sustainability report with its results

(PRESS RELEASE) SAN FRANCISCO, CA – Brilliant Earth Group, Inc. (“Brilliant Earth” or the “Company”) (Nasdaq: BRLT), an innovative, digital jewelry company and a global leader in ethically sourced fine jewelry, has unveiled its first sustainability report, affirming its commitment to its core principles of transparency, sustainability, compassion and inclusiveness. The report, titled “A Brilliant Future”, details the company’s ESG-related work that has been at the core of its business since its inception, and sets ambitious goals for the years to come. The report can be found here.

“Our key pillars of sustainability, transparency, compassion and inclusiveness have been the foundations of our business since our beginnings in 2005,” said Beth Gerstein, co-founder and CEO of Brilliant Earth. “We are excited to share our progress in each of these areas and are committed to continuing to lead the industry in ethical sourcing and transparency. Our technology and data-driven approach have allowed us to lead the industry in innovation, including in supply chain transparency and blockchain-enabled diamonds, which we hopefully, will become the norm in our industry. We are committed to bringing change to the jewelry industry to advance sustainable practices that benefit our customers, our planet and future generations.

The sustainability report ranks the company’s progress to date according to its four key pillars. Highlights for 2021 include:

  • Transparent:
    • Brilliant Earth offers thousands of blockchain-enabled diamonds, allowing customers to follow a diamond from its origins at the mining operator, through cutting and polishing, to the customer.
    • Brilliant Earth’s natural diamond suppliers adhere to Brilliant Earth’s Chain of Custody protocol, which requires suppliers to source diamonds from specific mining operations in specific countries that have demonstrated a commitment to working standards, internationally recognized commercial and environmental standards; track and segregate diamonds by origin for eligible Brilliant Earth inventory; and maintain systems and records that support their compliance. Brilliant Earth proudly offers Beyond Conflict Free™ diamonds that meet the company’s standards for ethically sourced jewelry.
    • Less than 1% of natural diamond suppliers meet the Company’s standards.
  • Sustainable:
    • At Brilliant Earth, 93% of the gold and 99.8% of the silver comes from recycled sources, and the company aims to continue improving this in the years to come.
    • Brilliant Earth has launched its new Fairmined collection, which empowers artisanal and small-scale miners and their families. Fairmined gold helps provide miners and their families with the resources to establish strong environmental, health and safety standards, while prioritizing traceability and socio-economic development.
    • The Company is committed to reducing its carbon footprint and greenhouse gas emissions. Thanks to carbon offsetting, Brilliant Earth has been contributing since 2018 to the Envira Amazonia project and the Texas Capricorn Ridge wind project, two projects aimed at combating climate change.
  • Compassionate:
    • The company launched the Brilliant Earth Foundation, funded by an initial grant of $1 million, to support the causes of the company’s champions: responsible sourcing, social impact and climate action.
    • Brilliant Earth has partnered with Pure Earth, an environmental nonprofit, to help empower miners, restore rainforests, and deploy mercury-free mining techniques in artisanal mining communities.
    • Since 2017, Brilliant Earth has participated in trainings for miners on mercury-free mining and rainforest restoration in Madre de Dios, Peru.
    • Since 2008, the Company has partnered with the Diamond Development Initiative-Resolve to rehabilitate 29 mine sites in Sierra Leone.
  • Understood:
    • Brilliant Earth continued to prioritize building an inclusive team that reflects its diverse customer base. 41% of employees, and 36% at the director level and above, identify as BIPOC. 79% of its team is female, with 57% at director level and above, as well as four out of seven board members.

In the report, Brilliant Earth also outlined its goals for the coming years. Highlights include:

By 2023:

  • Since 2018, the company has been offsetting emissions from corporate and showroom energy use, packaging, shipping, employee travel and commuting. In addition to this, the Company will offset quantifiable pre-2018 Scope 1 and 2 emissions.
  • Conduct life cycle assessment of key raw materials to measure impacts on biodiversity, water and energy use.
  • Continue to expand the use of traceability technology, such as blockchain and the GIA Diamond Origin Report, increasing blockchain diamonds to 20% of the company’s natural diamond inventory.
  • Identify a focused leader to lead and execute the company’s DEI program and initiatives.

By 2025:

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  • Eliminate single-use plastics in showrooms and corporate spaces.
  • 50% of lab-grown diamonds will be certified to an environmental product standard.
  • 100% of gold and silver will come from recycled sources with year-on-year increases in the percentage of recycled platinum used in our products.
  • Communicate key metrics on the results of factory audits, including identified risks and remediation efforts.
  • Support new Fairmined certifications of ASM gold mines and increase the purchase of Fairmined gold from these mines year on year.

By 2030:

  • Achieve zero waste in showrooms and corporate spaces.
  • Neutralize Scope 2 and 3 emissions (purchased electricity, manufacturing, digital communications, B2B and B2C transportation, and employee travel and travel) by engaging key business partners to implement renewable energy or investments in renewable energy projects.

Gerstein added, “We share our goals for the years ahead because we are determined to become better and continue to drive change in the jewelry industry. We are proud of our work so far and are already hard at work on our sustainability goals for this year and beyond.

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