Diamonds are becoming more than just women's best friend

Gem sales hit $160 million in China during the second half of last year

Gold is traditional, when it comes to Chinese New Year gifts or investments - but not everyone is on the hunt for the yellow medal these days, preferring instead to plough their cash into something a little more sparkling.

Chen Hao, a 41-year-old Beijing investor, has done just that, splashing out 300,000 yuan ($48,000) on diamonds, with the simple rationale that despite a relatively low current price, the gap between supply and demand has been growing.