Costco selling $500,000 diamond ring

Costco is most famous for selling groceries in bulk, but it’s now also luring shoppers with a diamond ring worth… half a million dollars.

Sky News political reporter Jennifer Bechwati discovered the diamond ring at Costco’s Canberra store, in “the aisle between bulk AA batteries and dustpans,” costing $499,999.99.

Ms Bechwati later tweeted the sparkler on Twitter, receiving hundreds of stunned comments.

The photo showed a single 6.55 carat round diamond solitaire ring with colour and clarity of “G” and “VS1,” respectively. The diamond was set in a platinum band.

The irony of a single glistening diamond in between aisles of bulk buys was not lost on Twitter, with many wondering how it fitted into the store’s budget prices.

“How much is it at Aldi?” responded one person to the tweet.

It turns out that the warehouse chain sells a host of expensive diamonds and high quality jewellery in stores.

It is stated that Costco’s diamonds are sourced from wholesalers in the United States and the company employs a quality control team to ensure that the cut, grading and metal passes strict Costco standards before it makes its way into stores.

The half-a-million dollar ring spotted by Ms Bechwati has actually been in the Canberra store since its 2011 launch.

There are a number of other jewellery pieces also available in Costco stores, including rings, pendants, earrings, but it’s primarily the diamond pieces that stand out the most, priced between $300,000 and $850,000.

A Costco spokeswoman told the Daily Mail that “each Costco warehouse has a ‘WOW’ item in its jewellery department. Each one is unique to that warehouse, but in each Australian warehouse, the wow item is around that price.

“We pride ourselves on selling the highest quality products at the best possible price, across a huge scope of departments, including high-end jewellery.”

New Australian Costco stores

In addition to its current nine locations in New South Wales, Victoria, ACT, Queensland and South Australia, you can expect the US-based company to open two more stores in Australia this year. One warehouse will be opened in Epping, Victoria, in August and another in Ipswich, Queensland, in November.

In order to shop at Costco, you must be a member, with annual membership fees starting at $55 a year.

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