Someone Bought a $400,000 Diamond Ring at Costco

(Bloomberg) -- Look out, Tiffany -- Costco is coming for you.

Quarterly sales at the U.S. warehouse-club retailer got a boost from a customer who made a “significant diamond ring purchase, in the $400,000 range,” Costco Wholesale Corp. Chief Financial Officer Richard Galanti told analysts Thursday on a conference call.

He didn’t provide more details, but based on the company’s website, the item may have been the “Round Brilliant 10.03 carat VS1 Clarity, I Color Diamond Platinum Solitaire Ring” that can be yours for $419,999.99.

Costco is known for its treasure-hunt shopping experience, including luxury handbags and expensive jewelry that members can buy online and pick up at lockers in the stores. Those shoppers often pick up additional items when they collect their orders, Galanti has said. Costco’s website lists several diamond rings that cost more than $100,000, and Prada handbags that sell for nearly $2,000.

Costco’s big-ticket items could be a hit with Chinese shoppers when it opens its first location there in Shanghai on Aug. 27.

©2019 Bloomberg L.P.