Diamonds in Australia: cheaper thanks to Costco

Costco, the world”s 9th largest retailer based in the USA, opened it”s doors to the Australian public in August 2009 with an outlet in Docklands, Melbourne.

It offers wholesale pricing on things like whitegoods, furniture, groceries, alcohol and e

ven luxury items like loose diamonds and jewellery. It is also one of the largest retailers of fine wine in the world!

So what does this mean for Australian consumers? well apart from more affordable pricing for wholesale items for everyday use, there are great bargains to be had in the Jewellery department, oddly enough.

With their immense buying power, Costco is able to bring down prices for diamonds and jewellery and this means competition gets fiercer, prices as a whole get better and in the end, the consumer wins.

Smaller jewellers may be squeezed out due to being unable to compete but for the end consumer, getting the best price for the diamond or diamond jewellery item they have their heart set on, is what matters the most. The jewellery department at Costco Australia is doing exceptionally well and continues to be a focal point for the business, not just in Australia but around the world.

Costco will be opening up another store in Auburn, New South Wales some time in 2011.