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Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
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Costco Sells $600K Diamond Engagement Ring
The big-box store announced the six-figure sale during its recent earnings call.
The retailer sold one shopper a $600,000 diamond engagement ring. (Image courtesy of Wikimedia Commons/Tony Webster)
New York—An anonymous shopper purchased a $600,000 diamond engagement ring from Costco at an undisclosed location.
Richard Galanti, the company’s chief financial officer, announced the sale during the retailer’s second-quarter earnings call.
The six-figure ring is a 10-carat cushion-cut solitaire, according to a Fox Business report, and a portion of the 247,000 carats sold by Costco annually.
A Costco spokesperson declined to comment further “out of respect for our members’ privacy.”
The big-box store has sold high-end, six-figure jewelry before, including a $400,000 ring purchased in 2019.
A search by CNBC around the time of the $400,00 sale pulled up one listing in that price range: a platinum solitaire ring set with a 10.03-carat round brilliant diamond with VS1 clarity and I color.
Costco sold $1.59 billion worth of watches and jewelry in 2018, taking the No. 4 spot on National Jeweler’s 2019 $100 Million Supersellers list.
Its jewelry is non-branded, but its watch offerings include Bulova, Citizen, Gucci and Seiko.
Overall, the retailer reported a 9 percent increase in same-store sales in its second quarter.
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