Costco just sold a $400,000 diamond ring

Did you know you can buy diamond rings at Costco? And expensive ones, at that.

The warehouse retailer said during its latest quarter ended May 12 it got a sales boost thanks to a customer purchasing one of its rings for more than $400,000. It didn’t say which ring, exactly, but a search on Costco’s website reveals only one ring priced in the $400,000 range: A “Round Brilliant 10.03 carat VS1 Clarity, I Color Diamond Platinum Solitaire Ring.” Costco’s website shows 500 different rings for sale, many costing more than $50,000.

Costco said same-store sales were up 5.6% in the latest quarter, excluding any effects from gasoline prices and currency fluctuations. That was better than the 5.48% growth analysts were expecting, based on Refinitiv data.

Total revenue rose 7.4% to $34.74 billion, topping estimates for $34.71 billion.

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