Costco Now Selling $2.3 Million Diamond

Yes, but can we buy it in a 24-pack?

Last year, Costco made headlines by offering a $1 million diamond on its site. That stone never sold, but perhaps all the publicity it scared up made it worth it. The Daily Mail asked, “Is Costco the new Cartier?”  

Now, via Racked and Madison Avenue Spy, we see that Costco has topped even that, by offering a $2.3 million diamond (which the company says has been appraised at $3 million). The stone is 18.8 cts., IF clarity, and faint pink. While the chain may have made bigger sales of bulk items, this gem is, as far as anyone at the company knows, the highest value single item Costco has ever offered. You can see the full listing here.

“This is something that just kind of came up,” Megghan Harruff, assistant general merchandise manager for jewelry, watches, and luggage, told me this morning. “But we are always looking for one-of-a-kind-items.”

(On Costco’s current list of one-of-a-kind jewelry items, the next highest priced gem is a $479,000 four carater. This stone and the $1 million gem from last year are the “two big ones,” Harruff says.)

Like last year’s offering, this $2.3 million rock isn’t available at its stores. And even though it’s on the Web, you can’t just buy it with a click either. You have to call Costco’s “Diamond Helpline” and get pre-approved.

For a discounter, Costco is known for drawing a relatively affluent clientele. Harruff notes that its shoppers have an average household income of $90,000, the “Nordstrom” customer. Still, a $2 million stone—at Costco?

Company CFO and executive vice president Richard Galante says the company sells 100,000 carats of diamonds a year, including several stones in the $100,000 to $200,000 range.

“We have 30 million households,” he says. “And all you need is one.”

JCK News Director