iStockphoto
A man walked into Costco for the free samples, and left with a ring that cost the equivalent of a four bedroom home in Baltimore County.
During a recent conference call, Costco Chief Financial Officer Richard Galanti revealed that the company got a big boost in sales thanks to a “significant diamond ring purchase, in the $400,000 range.”
A ring of this price is roughly 66 times what the average dude spends on an engagement ring ($6,324). For additional perspective, you can purchase 280,000 hot dog and 20 ounce fountain soda combos for this price at Costco, or 42,000 Costco pizza pies.
Someone bought a $400,000 diamond ring at Costco. https://t.co/DGcUVljbjO pic.twitter.com/CV6cCkcuXY
— Kim Bhasin (@KimBhasin) May 31, 2019
Not to be a dick, but this looks like something I could swipe at a kiosk outside the food court in a mall for $80.
Igal Dahan, a jeweler who has made jewelry for Kim Kardashian and Elton John, told MarketWatch that the man actually got a bargain for the 10.03 carat ring.
“The price point makes sense, it’s a good price point. You will pay at least 30% more at a luxury jeweler,” he said, factoring in the cost of advertising, marketing and retail expenses that other jewelry stores tack on.
A 10-carat diamond in the same style would reportedly cost over $1 million at a place like Tiffany’s.
We’re just two years removed from Costco having to cough up more than $19 million in the trademark infringement lawsuit for selling rings marketed with Tiffany’s name even though they were not made by Tiffany’s.
I wonder if when this guy proposes, he’s going to prop up the fact that he got the ring at Costco, or omit the fact that he purchased it in the same shop he got 150 rolls of bum wipe.