The mistake that scored a Brisbane man a $34,000 engagement ring for $1100.

It’s the kind of story that will send some shoppers scrambling to check the fine print on their every incorrect transaction.

A Brisbane man has bought an engagement ring worth $34,000 for three per cent of its retail value after its price was incorrectly listed on the website of jewellery company Royal Diamonds.

Seven News reports Nicholas Buttle bought his fiance a two-carat diamond ring online for only $1123.

Buttle said he was contacted by the company only hours after the purchase to be told the ring was unavailable.

The young man challenged the company to provide another using a clause allegedly listed in his invoice that said a substitute ring of “similar or higher grade” may be offered in the event an unavailable stone.

“Please note; in the event that a diamond is unavailable, a diamond of similar or higher grade may be offered, or a refund of the purchase price,” the invoice reportedly read.

The retailer was said to have responded to the request with the admission the price was incorrectly listed.

"The price for the specific diamond was not correct, due to a typing error. Usually we would offer a diamond of a similar or higher grade, however in this instance unfortunately it won't apply," the retailer reportedly wrote.

Buttle launched legal proceedings against the company and won.

The Daily Telegraph reported the company launched an appeal against the ruling but lost and was made to pay for Buttle's legal fees in addition to their own legal representation.

Royal Diamonds has since updated their terms and conditions to specify that incorrectly listed items would not be sold at their listed price.

A Royal Diamonds director told The Daily Telegraph the company would be closing down because of the case.

"We are going to make the ring and close the company," they said.