RapNet


Rapaport News

 

Retail

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Costco Sells $220,000 Diamond Ring

Retail giant saw two big-ticket jewelry purchases in fiscal 2019.
Oct 16, 2019 5:14 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Costco sold a diamond ring worth $220,000 in the fourth fiscal quarter, the membership-based warehouse retailer said earlier this month.

Executive vice president and chief financial officer Richard Galanti confirmed the sale during the company’s fourth-quarter earnings call on October 3, just months after another big-ticket jewelry sale for the American multinational.

The retailer noted a “significant diamond-ring purchase, in the $400,000 range” in its third-quarter earnings call in May, with Galanti describing the sale as a “highlight” for the period.

Together, the two sales meant Costco sold “close to 200,000 carats” in fiscal 2019. They also contributed to a 7.9% increase in Costco’s net sales to $149.35 billion for the year ending September 1.

While Costco features jewelry concessions in some of its stores, its higher-value items are sold through its e-commerce platform. Prices for the 690 diamond-jewelry pieces listed on the retailer’s US website range from $250 for a 0.08-carat diamond set in a stackable yellow-gold ring to $470,000 for a necklace featuring 78.19 carats of diamonds in white gold.

Image: A 10.03-carat diamond ring listed on the Costco retail page, priced at $420,000. (Costco)
Tags: Costco, e-commerce, Jewelry, online retail, Rapaport News, retail, US
Similar Articles
NRF 150July Figures Cast Cloud over US Retail Recovery
Aug 06, 2020
The US retail outlook is declining after the country’s economic recovery...
Chow Sang Sang Warns of Steep Profit Drop
Frederick Goldman Hires E-Commerce Head
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us