Costco sold to someone a $ 400,000 diamond ring

Did you know that you can buy diamond rings at Costco? And dear, to that.

During its last quarter ended May 12th, the warehouse retailer saw its sales increase thanks to a customer who bought one of his rings for $ 400,000. The ring does not say exactly which ring, but a search on Costco's website reveals only one ring priced at $ 400,000: a brilliant "round ring of 10.03 carat clarity VS1, ring I Solitaire Diamond with diamond color ". The Costco website features 500 different rings for sale, many of which cost more than $ 50,000.

Costco said sales by store were up 5.6% in the last quarter, excluding the effects of gasoline prices and currency fluctuations. That was better than what analysts were expecting from growth of 5.48%, based on Refinitiv data.

Total revenues increased 7.4% to $ 34.74 billion, exceeding estimates by $ 34.71 billion.

But the shares of Costco fell about 2% Friday morning, despite the publication of optimistic results, investors fearing the possible impact of new rates on their business.

"In the end, prices will go up," Finance Director Richard Galanti told a conference call after the results. "We want to be the last ones to raise them, and when prices go down, we want to be the first to lower them."

Although some people associate Costco with bulk sales of toilet paper and giant cereal boxes, its members also have access to other services to book vacations and purchase cars. Many buyers take advantage of the Costco store's treasure hunt experience, as bright-eyed buyers can spot various items, which is one of the ways the retailer can make it worthy. to be bought before going to the stores.

By selling diamond jewelry, Costco promoted his wedding business for several years. Brides can buy everything from flowers to pies to invitations.