Everyone betting on diamonds and exotic flavouring (8)

I believe the answer is:

allspice

I'm a little stuck... Click here to teach me more about this clue!

'exotic flavouring' is the definition.
'allspice' can be an answer for 'flavouring' (allspice is a kind of flavouring). I am unsure of the 'exotic' bit.

'everyone betting on diamonds' is the wordplay.
'everyone' becomes 'all' (all people).
'betting' becomes 'sp'.
'on' means one lot of letters go next to another.
'diamonds' becomes 'ice' (slang term for diamonds).
'all'+'sp'+'ice'='ALLSPICE'

'and' is the link.

Can you help me to learn more?

(Other definitions for allspice that I've seen before include "Aromatic dried fruit of a Caribbean tree" , "Dried aromatic fruit from the West Indies" , "Pimento or Jamaica pepper" , "Pill case (anag.)" , "Aromatic West Indian tree" .)

I've seen this clue in The Daily Express.

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