Costco diamond ringSo you're planning to pop the question and you've set aside a cool million for your honey's diamond ring -- but you still want to get the most sparkle for your buck. Look no further than...Costco.

Yes, the warehouse club known for its bulk bargains on everything from toilet paper to T-bone steak is now selling a 6.77-carat diamond solitaire ring for $1,000,000 on Costco.com.

And despite the steep price, the ring is still a steal: It has been valued at $1,601,875 by the International Gemological Institute.Diamond rings at Costco are nothing new -- the retailer has been in the business for over five years now. And the chain is no stranger to upscale goods, as everything from Prada sunglasses to Tag Heuer watches and Versace dinnerware have been found on the discounter's shelves.

But by selling a million-dollar diamond ring, Costco is reaching for new upscale heights, and "Why not?" Richard Galanti, executive vice president and chief financial officer, told WalletPop. "We have upscale customers who know that we offer value and an unconditional guarantee."

The average annual household income of a Costco shopper in the U.S. is $95,800, compared to $69,800 for all U.S. households, he said. More than 41% of Costco's U.S. shoppers earn over $100,000 a year.

And while diamonds can be found at myriad retailers, shoppers know "We're going to mark them up a lot less," Galanti said.

"Within the diamond category, we do a substantial business, selling about 100,000 carats of diamonds a year," in everything from rings and earrings to watches, Galanti said. And "Among the highest priced diamond rings that we've sold each year, those are generally in the $200,000 to $300,000 price range."

The million-dollar diamond ring has been in stock for a few weeks and while it hasn't sold yet, all Costco needs is one sale, he said.

If you're in the market for a diamond ring and are considering the warehouse club chain, you can email Diamonds@costco.com to inquire about buying diamonds of a certain style, size, cut, and clarity, and "We'll see if we can find it," Galanti said.

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