Want an ethically sourced diamond? This company guarantees that you will have one

In this segment of “Industry Focus” on Motley Fool Live, recorded on December 7Fool analyst Emily Flippen explains how Shining earth (NASDAQ: BRLT) started as a business.

Emily Flippen: I love this team. You have the visionary, someone who is personally affected by the problem, and then you combine that with the operator. Someone who has researched the matter and is ready to tackle the problem.

It’s a company that was founded by Beth Gerstein and Eric Grossberg, and I apologize if I mispronounced the names. But it was in 2005 that Beth had a very difficult experience finding an engagement ring that could be purchased ethically and transparently.

She was looking for an engagement ring but didn’t want to put up with all these conflicts you just mentioned, Asit. She teamed up with Eric. Eric was studying the jewelry industry in business school at the time, and they thought, hey, we can do something about this problem.

They decided to tackle this issue and to be clear Brilliant Earth will not come out and own the mines themselves, at least not what I saw in their documents. They just make sure that the diamonds and gemstones they sell are ethically sourced, and they’re doing it through some really interesting technology, one of which includes blockchain, which we can talk about.

But basically coming back so that you can go online and order yourself a beautiful ring, a beautiful piece of jewelry, without having to worry about supporting conflict or abuse of power in different parts of the world.

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