In this segment of "Industry Focus" on Motley Fool Live, recorded on Dec. 7, Fool analyst Emily Flippen talks about how Brilliant Earth (BRLT 3.50%) started as a company.
Emily Flippen: I love that team. You have the visionary, somebody who is personally impacted by the issue, and then you combine that with the operator. Somebody who has studied the issue and is ready to tackle the problem.
This is a company that was founded by Beth Gerstein and Eric Grossberg, and apologies if I pronounced the names incorrectly. But it was in 2005 when Beth had a really challenging experience finding an engagement ring that was able to be sourced ethically and transparently.
She was out looking for an engagement ring but didn't want to support all of those conflicts that you just mentioned, Asit. She partnered up with Eric. Eric was studying the jewelry industry in business school at the time, and they thought, hey, we can do something to fix this problem.
They decided to tackle that problem and to be clear, Brilliant Earth isn't going out and owning the mines themselves, at least not that I saw in their filings. They're just ensuring that the diamonds and the gemstones that they sell are sourced ethically, and they do that through some really interesting technology, one of which includes the blockchain, which we can talk about.
But essentially coming back so you can go online and order yourself a nice ring, a nice piece of jewelry, without having to be worried that you're supporting conflict or abuse of power in different regions across the world.
