Shaun Rein by Fantake via Flickr
Luxury goods might be doing very well among China’s emerging wealthy, diamonds are even better, tells Shaun Rein in Newsweek. Compared to other diamond markets, the Chinese are the most promising buyers. In Newsweek:
China’s diamond lust is being driven in large part by its burgeoning, young middle class, with whom the old tag line “Diamonds are a girl’s best friend” resonates particularly well, says Shaun Rein, managing director of the China Market Research Group in Shanghai. As a result, bridal jewelry is booming. Rein expects annual diamond sales to rise at least 20 percent for the next three years. Already companies like Cartier are planning more store openings. Rein adds that the Chinese government just wrote off $10 billion in debt with African nations to secure access to commodities like diamonds. To Martin Rapaport, of the Rapaport Diamond Report, the long-term impact is clear.
“We tend to think of China as a big supplier to America. But the new truth will be that China will be the biggest [diamond] buyer from America and the rest of the world.”
Shaun Rein is a speaker at the China Speakers Bureau. When you are interested in having him as a speaker, do get in touch.