China’s newfound penchant for luxury travel poses the latest threat to a turnaround for the US$80bil diamond industry.
Chinese deluxe spending on travel is the “fastest-growing competitor” standing in the way of diamond sales in the world’s biggest consumer market, said De Beers SA chief executive officer Bruce Cleaver. To win those travel dollars, he said De Beers could even see itself tying up with the luxury travel market somehow.
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