A Brisbane man has won the battle to keep a $34,000 engagement ring he bought for about 3 per cent of its retail price, due to an online pricing bungle.

Nicholas Buttle bought the two-carat diamond ring online for $1100, only for Sydney-based retailer Royal Diamonds Pty Ltd to refuse to deliver it, saying it was worth $34,000.

Mr Buttle took the dispute to a tribunal and won. The retailer appealed but lost and was ordered to deliver a “substitute ring” with a “diamond of similar or higher grade” — plus pay Mr Buttle’s legal costs as well as its own solicitor’s bill of $15,000.

Nicholas Buttle, who bought the engagement ring for fiancee Hanne-Marie Marais,

“This company is going to be closing down because of this,” a Royal Diamonds director, who asked not to be named, told The Daily Telegraph.

“We are going to make the ring and close the company.”

The Royal Diamonds website

The director said he could not understand how the NSW Civil and ­Administrative Tribunal (NCAT) had ruled in favour of Mr Buttle given the typically high retail price for rings of that quality.

He said the NCAT decision would “open the door — it will set the precedent” for other consumers to buy expensive goods advertised at ­incorrect prices.

But the tribunal found there was an “absolute contract of sale made between the parties”.