Is money insignificant when it comes to luxury fabric? (8)

I believe the answer is:

cashmere

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'fabric?' is the definition.
(I know that cashmere is a type of fabric)

'is money insignificant' is the wordplay.
'is money' becomes 'cash' (cash is a type of money).
'insignificant' becomes 'mere' (mere can mean unimportant or trivial).
'cash'+'mere'='CASHMERE'

'when it comes to luxury' acts as a link.
This may not be correct. Some or all of it may be part of another bit of the clue.

Can you help me to learn more?

(Other definitions for cashmere that I've seen before include "Soft fabric made from the wool of a goat" , "See charm (anag)" , "High-quality wool" , "Fine goats' wool from Kashmir" , "Fine soft wool for marchese" .)

I've seen this clue in The Irish Times.

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