How Quince applied its DTC model to diamonds

Lifestyle brand Quince has applied its disruptive direct-to-consumer model to myriad categories since it launched in 2018—and its fine jewelry section (specifically its natural and lab-grown diamonds) is drawing in more and more customers thanks to the brand’s low pricing that’s 40 to 60% lower than competitors.

Over the years, Quince has expanded beyond apparel and bedding to become a full lifestyle brand, offering everything from luggage to furniture and home decor. It debuted its jewelry collection on a smaller scale in 2019.

Quince expanded its fine jewelry category for the 2023 holiday season, when it debuted a larger assortment of natural and lab-grown diamond offerings across bracelets, rings, earrings, necklaces, and more.

“We always set out to be that all-around luxury essential, so we’re going to continue to stay true to that,” Kylie Bee, merchandise lead for fine jewelry, said. Current prices start as low as $100 for diamond stud earrings and extend to $6,000 for a lab-grown tennis necklace.

Diamond in the rough

While Quince doesn’t disclose its manufacturing partners, Bee explained the company works with several diamond manufacturers across the globe, many of which are the “same ones supplying to leading houses.” Many of its suppliers are also members of the Responsible Jewellery Council.

“Those are the same manufacturers who are also setting and finishing the final piece of jewelry,” Bee said. “Structurally, it’s really like a straight-line factory [sending] loose and finished pieces to the customer, so there’s no middlemen. It’s really creating that sourcing and pricing transparency and really getting rid of any inflated markups.”

Mining growth

Quince’s diamond category grew 182% YoY from 2023 to 2024. (The company declined to share revenue numbers.) The growth is driven by new and repeat customers, which has led to the category becoming one of Quince’s top performing emerging categories.

“Our fine jewelry line has quickly become one of our fastest-growing categories, showing triple-digit year over year growth since launch,” Antonieta Moreland, head of brand at Quince, said in a statement via email to Revenue Brew. “We’re seeing incredible momentum heading into the holiday season, driven by both new customers discovering the brand and loyal customers coming back for more.”

Last year, Quince generated $340.3 million in revenue, up from $300 million the previous year. According to Bloomberg, Quince is worth $4.5 billion following a $200 million investment in July from investment firm Iconiq.

Bee stated that Quince plans to expand its engagement ring offerings next year.

“It really enforces the broader brand mission that luxury quality essentials can extend into every part of someone’s life, so from the wardrobe staples to the milestone jewelry, really showing that exceptional quality and fair pricing can coexist across these categories,” Bee said. “It really enforces to us that the Quince customer trusts us to enter these new categories.”