Could be considered?

[DragonMaster]

http://devlincomponents.co.uk/switch5.html

;D 31-LED LEDring encoders

I don't know their price directly from the manufacturer, all I know is that Farnell (no. PLA1810-1) won't stock them anymore, has 13 units in stock and they cost  :-X £40.

[SLP]

http://www1.conrad.de/conrad/layout2/detail.fh?fh_secondid=b2c700608&layout=layout2&fh_host=www1.conrad.de&fh_eds=%c3%9f&do_fh_search=1&fh_session=%2fscripts%2fwgate%2fzcop_b2c%2f~flN0YXRlPTE2NjcyOTI2MjU%3d&fh_location=%2f%2fb2cconrad_de_b2c%2fde_DE&fh_search=encoder&fh_refview=search

;)

[nILS]

Link no workey :-(

[SLP]

hmm... strange....

just search for article number 700608 - LN

http://www1.conrad.de/scripts/wgate/zcop_b2c/?~template=pcat_product_details_document&object_guid=DB766F43626AD51EE10000000A010221&master_guid=&master_typ=&no_brotkrumennavi=&ownrow=48&p_load_area=0216990&p_artikelbilder_mode=Ein&p_sortopt=object_description&page=2&p_catalog_max_results=20&cachedetail=