In this segment of "Industry Focus" on Motley Fool Live, recorded on Dec. 7, Fool contributor Emily Flippen and senior analyst Asit Sharma chat about the Brilliant Earth (BRLT -3.16%) business model and how successful it can be.

Emily Flippen: These are very high price point products and it's the type of purchase that I think somebody who is going to shop on Brilliant Earth has been planning out for a very long period of time.

In preparation for this show, I had a debate with one of my good friends who's been married and has a very beautiful engagement and wedding ring, and she said, man, I would've never been organized enough to go online, pick out the ring, pick out the gemstone, get it tweaked, going for an appointment, and then pick it up weeks, oftentimes months later.

It was much more of an immediate gratification. A couple was excited to decide that they're going to get engaged, and they want that engagement ring now. They want to take a photo of it and put it on Facebook or Instagram.

I will say, that is the challenge that Brilliant Earth is going up against. This is not the type of place where you go and get an engagement ring the next day.

Asit Sharma: Yeah, there is something to be said for serendipity, I think though, that exists less and less in an increasingly virtual world. There will always be people who have the human thrill of doing something that is spontaneous and outside this digital window that we're experiencing reality through now. There's something to be said for that.

But the other side of it too is the market is very big. It's growing at a 7% compounded annual growth rate. This company itself has a growth rate of about 32% over the last few years, compounded annual growth rate their revenue, that is.

I'm curious about the scale that they are achieving because it means that some of these factors that we're going to continue to talk about in this show, they could be just blips in the road. There are some other demographic trends that could hit this industry, but once in a while, you get a fast-growing company in an industry that itself is expanding, so it can absorb those little shocks to its business model.