Chinese deluxe spending on travel is the “fastest-growing competitor” standing in the way of diamond sales in the world’s biggest consumer market.
To win those travel dollars, he says, De Beers could even see itself tying up with the luxury travel market somehow.
“Luxury travel is certainly a competitor to diamonds,” says De Beers chief executive Bruce Cleaver. “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.”
Winning over those shoppers won’t be easy, especially in China, where diamond sales declined 4.8 per cent last year. Competition from travel is another big challenge. China is the world’s largest source of outbound travellers, according to the World Tourism Organisation. More than 135 million Chinese travelled in 2016, and their spending rose 12 per cent to US$261 billion.
Get the full story at the South China Morning Post