Diamonds demand grows in China

Despite the financial market's condition, affluent Chinese are falling for the sparkle of real diamonds. The country is expected to become the biggest market for diamond imports within the next 25 years.

If diamonds are a girl's best friend, then China's relationship with them is turning into a fully fledged love affair. No other market has witnessed such a boom in demand for high quality diamonds.

They're the must-have in wedding ring design, and the ultimate fashion accessory for the nouveau riche. But while the west has a fascination for historic diamonds, new China wants new diamonds.

Kevin Ching, CEO of Sotheby's Asia, said, "In New York and in Geneva we sell jewelry that Western people call estate jewelry. This kind of jewelry is passed down by several generations and the jewelry is also high in historic sentiment and value, but to Chinese and Asians this is not important. They may think that if it was passed down by several generations it's not good to wear it. So they look for the more high quality jewelry."

China is one of the world's largest markets for diamond jewelry. But the desire for luxury doesn't stop there.

Increasing demand for the sparkling gems led Sotheby's Asia to hold its first diamond exhibition on the Chinese mainland.

The Chinese economic success story continues to drive lifestyle changes for the rich and fortunate.