SALT LAKE CITY — Costco just sold a $400,000 diamond ring to someone, CNBC reports.
One customer purchased a ring for $400,000, which gave the company a sales boost for its recent quarter. The warehouse retailer only lists one ring for $400,000, which is titled “Round Brilliant 10.03 carat VS1 Clarity, I Color Diamond Platinum Solitaire Ring.”
Costco sells around 500 types of rings. Most cost closer to $50,000, according to Bloomberg.
Costco’s sales jumped 5.6 percent in the latest quarter, which is higher than the 5.48 percent analysts predicted, according to CNBC.
"Sales highlights for the quarter included some significant diamond repurchases, one in the $400,000 range, and big-ticket items like golf simulators that sold for $14,000 each, which we sold during the fine pay period," CFO Richard Galanti told analysts on a call Friday, according to Fox Business.4 comments on this story
“At the end of the day, prices will go up on things,” Galanti said, according to CNBC. “We want to be the last to raise them. And when prices are going down, we want to be the first to lower them.”
Costco is well-known for selling groceries and household items in bulk, according to Business Insider. The warehouse retailer also has a loyal customer base and does a good job keeping that base.
“It is able to do so because it can afford to have low margins on what it sells as it makes most of its profits off membership fees,” according to Business Insider. “It also prides itself in offering a treasure-hunt experience, which is hard to replicate online.”