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Costco Sells $220,000 Diamond Ring

October 16, 2019

RAPAPORT... Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer said earlier this month.

Executive vice president and chief financial officer Richard Galanti confirmed the sale during the company’s fourth-quarter earnings call on October 3, just months after another big-ticket jewelry sale for the American multinational.

The retailer noted a “significant diamond-ring purchase, in the $400,000 range” in its third-quarter earnings call in May, with Galanti describing the sale as a “highlight” for the period.

Together, the two sales meant Costco sold “close to 200,000 carats” in fiscal 2019. They also contributed to a 7.9% increase in Costco’s net sales to $149.35 billion for the year ending September 1.

While Costco features jewelry concessions in some of its stores, its higher-value items are sold through its e-commerce platform. Prices for the 690 diamond-jewelry pieces listed on the retailer’s US website range from $250 for a 0.08-carat diamond set in a stackable yellow-gold ring to $470,000 for a necklace featuring 78.19 carats of diamonds in white gold.

Image: A 10.03-carat diamond ring listed on the Costco retail page, priced at $420,000. (Costco)

Article originally published on here

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