Chinese showed their preference to luxury travel over diamonds

Published on : Friday, September 15, 2017

imagesLuxury travel, China’s new fondness has met with threat to diamond industry, a turnaround for the US$80 billion.


On travel, Chinese deluxe spending is one of the “fastest-growing competitors” standing with diamond sales as its chief competitor in the biggest consumer market of the world, said De Beers Chief Executive Officer Bruce Cleaver.


Bruce further added by saying that in order to win those travel dollars, De Beers might even tie-up with the luxury travel market someway. To quote Bruce Cleaver, “Luxury travel is certainly a competitor to diamonds. If there’s a way to link luxury travel to an African destination where the diamond came from, we’d certainly look into that too.”


The largest diamond manufacturer in the world is looking for a new start, an industry that has witnessed polished diamond prices to go down for the past six years. In 2016, the significant Asian markets like China and India reported flat or declining sales. The younger Chinese population is keener on buying high-end electronics, travel and fine dining that diamonds. The global demand in 2016 was essentially flat, as a 4.4 percent gain in the United States counterbalance sluggishness in Asia, as per the report of De Beers industry published on Thursday.


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