Lai See notes:
- “The crackdown on corruption on the mainland has hurt the luxury business, including the diamond industry.”
- “The website Asia Cracked has an interview with a mainland diamond trader who says diamond prices and demand have fallen 8-10 per cent from a year ago.”
- The fall in consumer confidence in China and India.
- The cartel behaviour of De Beers and other suppliers cutting supply to keep rough diamond prices high, while polished prices fall.
- The increase and then fall in carat size tracked China’s monster four trillion RMB fiscal stimulus.