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The warehouse giant recently made headlines when it sold the most expensive item ever in its history. Read on to learn what it was.
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When most people think of Costco, they think of bulk groceries, electronics, and other household items. However, there is one item that Costco has sold recently that could easily be considered the most expensive item ever sold within its walls. This item is so expensive, in fact, that it’s even higher than the cost of today’s average mortgage loan!
$600,000 diamond
During an earnings call in 2020, Chief Financial Officer Richard Galanti told analysts and investors that Costco had sold a cushion-cut 10-carat solitaire diamond ring “for over $600,000.”
The cushion cut, a square or squarish-rectangular diamond, has gained popularity in recent years. Its rounded corners give it a unique brilliance and sparkle. The fact that the diamond is 10 carats in size, which is quite large, makes it even more special and rare. The 10-carat diamond is part of the 247,000 carats of diamonds the company sold that year.
Despite the high price tag, the diamond may have been a bargain. Costco is known for offering high-quality products at a lower cost than other retailers, and the diamond industry is no exception. A 10-carat cushion cut stone with a top color and clarity gradings could cost over $850,000. With a potential savings of $250,000 on such a ring, the cost of a Costco membership is well worth it if you’re shopping for jewelry.
So, who bought the diamond, and where was the sale made? Unfortunately, we don’t know the answer to either of these questions. The company has chosen not to disclose any details about the buyer or the location of the sale. This only adds to the mystery and intrigue surrounding the sale.
$400,000 diamond sold in 2019
The sale of this 10-carat diamond at Costco is a testament to the changing landscape of the fine jewelry industry. Historically, high-end jewelry was sold exclusively at luxury retailers and jewelry stores.
However, with the rise of online shopping and wholesale retailers like Costco, more and more people are able to access high-quality jewelry at lower prices. In May 2019, Costco sold another diamond, this time for $400,000.
Currently on its website, Costco has 10 diamond rings costing over $100,000. The most expensive is a Radiant Cut 1.54 ct Center VVS1, Fancy Pink Diamond Platinum Halo Ring that is selling for $349,999. The second most expensive is a round brilliant 6.55 ct VS1 G color diamond platinum solitaire selling for $329,999.99.
These sales mark a shift in the types of items that Costco is selling. Traditionally, the store has been known for selling bulk items and groceries. But in recent years, the company has begun to branch out into new product categories. From luxury watches to high-end appliances, Costco is proving that it can sell more than just everyday products.
The sale of a 10-carat diamond for over $600,000 at Costco is certainly noteworthy, as it is one of the most expensive items the company has ever sold. The sale of these high-value diamonds at Costco is a sign of the changing landscape of the fine jewelry industry. Before you decide to splurge on a diamond costing as much or more than a house (or really, any high-end jewelry), do your research and make sure it fits your budget. Whether you’re a Costco regular or a casual shopper, this news is sure to make you think twice about what the store has to offer.
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