Diamond on Costco - Who's Going for it?

Discussion in 'Other Credit Card Programs' started by schnitzel, Mar 23, 2012.  |  Print Topic

  1. schnitzel
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    schnitzel Gold Member

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    Couldn't help thinking about this diamond on Costco.com - so what MPer has the credit limit (and the cojones) to buy this thing and then bring it back to the store for a cash return?

    OK - a cash return might be pushing it since most Costco stores probably don't see that much cash in a month, so I'll be happy to hear from the member who will do it with a check return.

    There must be someone out there with a nice credit limit like this, no?
     
  2. uggboy
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    uggboy Gold Member

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    Not here!:(
     
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  3. FlyingBear
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    There was already a discussion about an FTer that did this sort of thing. Not at this price level, but frequently until his Costco membership was suspended. It's a nifty idea but anyone that actually goes through that for the purpose of getting miles should forever fly in economy class with 12 hour layover every 100 miles.
     
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  4. autolycus

    autolycus Gold Member

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    LOL! 18.8 carat diamond at Costco?! Surely nobody actually buys a $2.3 mil. diamond like that from a website sight unseen?!
     
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  5. FlyingBear
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  6. schnitzel
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    I'll bet Costco doesn't even own it - just some other company lets them offer it for fun.

    I can't even see how you'd buy it online. I once had a card with about 10% of that as a credit line, but even that was a bit of a struggle to obtain.
     
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  7. autolycus

    autolycus Gold Member

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  8. rwoman
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    mmmm.....yeah, no. :)
     
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  9. autolycus

    autolycus Gold Member

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    Three words: American Express Centurion :)
     
  10. FlyingBear
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    I have a sneaking suspicion that no jeweler will be able to beat this price on this diamond, setting or no setting. And just because someone has the money, I don't think they would mind saving a few $100k.
     
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  11. schnitzel
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    Even so, I would think that would take a phone call or two . . .
     
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  12. autolycus

    autolycus Gold Member

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    You are certainly right, but it's still just one of those things that has to make me chuckle. I'm sure Warren Buffet is a regular buyer of diamonds at Costco, if he's a regular buyer of diamonds at all.

    Perhaps their next listing should be for the Bahia Emerald.
     
  13. FlyingBear
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    Largest single charge on AMEX Centurion was north of $10 million. They probably know how to handle this stuff.
     
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  14. autolycus

    autolycus Gold Member

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    Most likely... perhaps the Chase JP Morgan card that requires a substantial private banking account?
     
  15. LarryInNYC

    LarryInNYC Gold Member

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    They're only selling it 'cause I returned it the last time. Seriously, they call it "faint pink", but it's pretty damn pink if you ask me. I wouldn't keep a diamond that color for more than $2,100,500. Just sayin'.
     
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  16. schnitzel
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    I think he prefers to be on the other side of the counter.
     
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  17. autolycus

    autolycus Gold Member

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    Maybe he got the diamonds to sell at Borsheim by buying low at Costco and selling high there? :)
     
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  18. schnitzel
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    Yeah - he'd be helping his buddy Charlie and himself, that way.
     
  19. kyunbit
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    As far as I know, diamonds have little resale value.
     
  20. thegrailer
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    By you? Pray do tell what you purchased???????
     
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  21. schnitzel
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    Yeah - I was Googling around for some info/support on that one . . .
     
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  22. FlyingBear
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    I wish :) I can't find the article right now, but there was an interview with AMEX rep a little while back and that was a question that came up. And fitting for the topic here, the purchase was at a jewelery store in New York.

    Here is a link for $52 million number, but I have trouble believing it. http://www.myoffshoreaccounts.com/vip-services/american-express-centurion-card/
     
  23. autolycus

    autolycus Gold Member

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    What store/business would be willing to pay the swipe fees on a multi-million dollar purchase?!
     
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  24. FlyingBear
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    High margin business. For example, jewelry store...
     
  25. ArizonaGuy
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    Ah, the DiAAmond trick. Old news. And doesn't Costco.com no longer permit credit card purchases on jewelery over a certain dollar limit anyway?

    This worked well because Costco.com and Costco operate as separate entities. And still does for lower value / non-jewelery purchases. But lathering, rinsing and repeating is still somewhat risky nevertheless. At least it's somewhat risky if you value your Costco membership.
     

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