Diamonds can be a man's best friend, China jewelers say

By Royston Chan

SHANGHAI (Reuters Life!) - Diamonds may be a girl's best friend, but some Chinese jewelers are hoping men will develop the same fondness for the precious stone.

Exhibitors at a Shanghai gold and jewelry fair this week displayed diamond-studded rings, pendants, bracelets and belt buckles, all targeting big-spending males.

"Jewelry has targeted female consumers, but there is demand from male consumers in China," said Kevin Chen, marketing director for jewelry wholesaler Boee Jewellery, which has been selling a men's diamond series for five years.

"Our customers for the men's series are those who have a certain taste for beauty, are of a certain social status and achieved a considerable amount of monetary strength," he added.

China is a lucrative market for all things shiny.

According to the jewellery show's organizers, it is the world's fourth-largest gold consumer and Asia's second-largest market for diamonds (www.chinajewelryshow.com/2007).

A booming economy and growing numbers of young, fashionable -- and wealthy -- consumers are helping to fuel demand. China was one of the few countries last year where gold demand was largely undented by a rise in prices to a 25-year peak.

The Shanghai fair showcased upwards of 400 million yuan ($50 million) worth of jewellery.