Brilliant Earth is an online-first fine jewelry retailer focused primarily on engagement rings and wedding jewelry, with a growing fine jewelry business. The company's flagship product is its "Design Your Own" engagement ring, where customers select a setting, metal type, and stone from a large virtual inventory, with the finished ring made to order in roughly six to fifteen business days. Brilliant Earth sells through two channels: a mobile-first e-commerce platform with tools including AR try-on and AI-powered diamond recommendations, and 42 showrooms across major U.S. metro areas where customers book individual appointments with dedicated jewelry consultants. Consultants support both channels, keeping workforce utilization high. Brilliant Earth differentiates on ethical sourcing (its "Beyond Conflict Free" standard goes beyond the industry-standard Kimberley Process), proprietary in-house designs (a majority of its ring collection is exclusive to Brilliant Earth), and its omnichannel shopping experience. A key feature of the business model is virtual inventory: Brilliant Earth does not own most of the diamonds it sells, instead sourcing them from supplier relationships on demand. This limits balance sheet inventory, drives inventory turns well above industry averages, and allows the company to operate with negative working capital. Revenue is driven by order volume and average order value. Fine jewelry has grown to 17% of total bookings and is tracking toward $100M in annual revenue, increasingly serving as a customer acquisition vehicle. Gross margin runs in the mid-to-high 50s percent, with precious metal prices a significant input cost. Marketing and employee costs are the primary operating expenses.