Wealthy Chinese heading abroad to buy diamonds without scrutiny

New York

WEALTHY Chinese who made their country into the world's second-biggest market for diamonds are now increasingly travelling abroad to buy the stones, at a time when ostentatious purchases are frowned upon at home.

That's the view of Tiffany & Co, one of the biggest jewellery outlets, and De Beers, the world's largest diamond producer, which said sales of the stones have slowed in China. Revenue from luxury jewellery worldwide is forecast to grow by 8 per cent annually through 2018, according to Paul Gait, a London- based analyst at Sanford C Bernstein & Co.