Costco Sells $220,000 Diamond Ring

RAPAPORT... Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer saidearlier this month. Executivevice president and chief financial officer Richard Galanti confirmed thesale during the company's fourth-quarter earnings call on October 3, just months after another big-ticketjewelry sale for the American multinational. The retailer noted a "significantdiamond-ring purchase, in the $400,000 range" in its third-quarter earningscall in May, with Galanti describing the sale as a "highlight" for the period. Together, the two sales meant Costco sold "close to 200,000carats" in fiscal 2019. They also contributed to a 7.9% increase in Costco's netsales to $149.35 billion for the year ending September 1. WhileCostco features jewelry concessions in some of its stores, its higher-valueitems 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 setin 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)