A growing huge diamonds market is creating. Some say that China is the world's new biggest emerging market. That is true, just review the recent data: China has the highest number of youngest millionaires. The GDP keeps rising and starting last week – it is the world's top exporter.

With a population of more then 1.3 billion people and mass and cheap production, the standard of living  has increased exponentially; and with better living  come luxury goods – diamonds and jewelry. It seems that China is taking over Japan's spot at the world second largest consumer of diamond jewelry, while Japan's jewelry and diamond market slumps.

With wedding diamond rings as the favorite for the younger population, Chinese imports of polished diamonds gained 12.7% over the first six months of 2009, hitting a record of $300 million. The new diamond rush took over  the local adoration of other jewelry, such as  gold jewelry.

"The Chinese diamonds market will inevitably grow because Chinese people's love of diamonds is growing," says Wang Fei, a researcher specializing in luxury goods at the University of International Business and Economics in Beijing.

Diamond trade opportunities are wide open for diamond dealers, brokers, miners and retailers. Jewelry retailers are also expected to expand in China as the biggest diamond consumers in traditional markets are still dealing with the results of the economic crisis. Some experts predict that China will become the biggest diamond, watches and diamond-jewelry market in the world within the next four years.

Just a few days ago, China's Vice President Hu Jintao visited the World Diamond Center. He walked away with gifts of a two-carat diamond with the Chinese flag and a Chinese flag pin made out of 60 rubies and five diamonds.

The international trade show that took place in Hong Kong recently, gave dealers the opportunity to increase awareness and drum up clients from China. By next year, China may become the biggest player in the conference's main halls. China was considered a growing cheap-labor market for many years; but once basic consumption began to increase, so did that of luxury and leisure products.