Diamonds Aren’t A Luxury
China’s crackdown on conspicuous consumption and gifting by officials, which has seen a number of big-name brands pull out of the country, has emerged as a threat to the revival of a product sometimes seen as the ultimate luxury, diamonds.
The government’s campaign to clamp down on a culture of excess in the ruling elite has caught cosmetics makers, such as Revlon and L’Oreal on the hop, along with French cognac firms, and was a topic mentioned on the sidelines of Africa’s biggest mining conference being held this week in the South African port city of Cape Town.
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