Frank Wu's teeming diamond workshops in southern China are on a roll with rows of Chinese artisans hunched beside green lamps, peering into microscopes and setting glittering gems onto rings and pendants.
Wu's TTF studio crafts jewellery for top global and Chinese brands and while part of the finely-wrought wares are exported, his pickup in business is driven by China's growing domestic demand for diamonds.
He says his studio is unable to fulfill orders and plans to nearly double his wor Read more

Frank Wu's teeming diamond workshops in southern China are on a roll with rows of Chinese artisans hunched beside green lamps, peering into microscopes and setting glittering gems onto rings and pendants.
Wu's TTF studio crafts jewellery for top global and Chinese brands and while part of the finely-wrought wares are exported, his pickup in business is driven by China's growing domestic demand for diamonds.
He says his studio is unable to fulfill orders and plans to nearly double his workforce next year.
"From July 2009, TTF's international business has started to recover. Our domestic market in China Mainland has also increased by 60 percent," said Wu.
Globally there is a severe slump in global luxury goods, which are expected to decline 8 percent this year, according to U.S. consultancy Bain & Co.
But China's rising middle-class affluence and vast pool of customers drawn to an outward display of wealth mean China's diamond sales are bucking the trend.
More so, millions of couples are expected to marry this year and the trend for Western style weddings - including diamond rings - is growing.
"People in the city now commonly expect a diamond ring as wedding ring. Some of the rural consumers are also beginning to expect a diamond, mainly due to their purchasing power. So, almost all chinese people have accepted that the diamond is a symbol and gift of love," said Wu.
Wu's views were mirrored by shoppers at the upscale King Glory Plaza mall in Shenzhen stacked with many of China's fast-growing jewellery retail chains.
"I think diamonds are getting more popular as more and more people would buy a diamond ring for their wedding," said Li Peng Fei, shopping with his wife.
Wilson Liu, a 25-year-old who had just bought a ring at a jewellery store for his girlfriend said diamonds were now in fashion.
"Diamonds are more trendy and look better than others. It is also the symbol of eternity, so it's worth buying," said Liu.
Imports of polished diamonds to the U.S., the world's biggest diamond market, roughly halved in the first six months of the year, but China's market grew 12.7 percent to $300 million, helping buttress the global diamond trade at a critical time.
"If you look at Asia you see that China and India are at this moment growing markets. For example, in China there was a 40 percent increase in jewellery sales in 2008 compared to 2007. And it is expected that 2009 will have the same growth," said Jime Essink, President and CEO, UBM Asia at a leading diamond fair in Hong Kong last month.
Demand for diamonds in China only really started to pick up in the 1990s when De Beers brought its global ad-campaign to China, tapping into the Chinese desire for conspicuous consumption and pursuit of Western lifestyle trends.
"More and more Chinese who have more money and want to spend this money. As a luxury item buying jewelry, as an investment buying diamonds. And to give you an example, in China there are nine million weddings a year. And all those brides now want to have a nice platinum ring with a diamond on it. Those are large number," Essink said.
While China and India -- the world's number two diamond market and the world's key hub for polishing diamonds -- are growing in importance, some experts say the key to a lasting diamond market recovery lies with firming U.S. consumer demand.
But with China already the world's top market for platinum and jade, and number two for gold, many see no limit to China's growth. Close