The men’s jewelry market is exploding, and this new market segment is increasing the demand for diamonds. Men’s jewelry sales are up a reported 20 percent, and as a result, an increasing number of fine jewelry manufacturers are introducing or expanding their men’s lines.

Leading the way is Hollywood trendsetter and leading man Jamie Foxx, who often shows up to Hollywood galas wearing his favorite diamond-studded watch. Clearly, when Hollywood celebrities shine, there’s more than their star wattage at work.

Female celebrities continue to add sparkle to diamonds. Geena Davis, star of “Commander-in-Chief,” was recently seen on the Red Carpet in an Escada dress accessorized with ruby earrings surrounded by 14 carats of diamonds.

Celebrities aren’t only wearing diamonds; they’re also designing and lending their names to jewelry lines. The Paris Hilton Limited Edition Watches, for example, feature up to nine carats of diamonds and over 1,000 stones. Abazias Diamonds (www.abazias.com), the exclusive online retailer of the Paris Hilton line, features three of the watches: the Cotton Candy, Canary, and Pink in Love.

“Highly recognizable celebrity brand names – such as Paris Hilton – appeal to a very broad cross section of our customer base,” says Oscar Rodriguez, CEO of Abazias Diamonds. He adds, "Abazias showcases over 70,000 diamonds online, and our quality and variety of stones combined with our incredible pricing makes Abazias peerless in the marketplace."

As investors are discovering, the market for diamonds has never been hotter. At the retail level, LVMH Moet Hennessy Louis Vuitton saw a 16 percent increase in sales of watches and jewelry in 2005. The typical luxury goods customer spends close to $50,000 each year on such goods, and the luxury market, as well as the diamond trading and mining industries are expected to continue their upward growth trend.

Analysts are projecting that the world’s largest diamond merchant, De Beers’ Diamond Trading Company, will rack up $6.6 billion in sales during 2006. In addition, news reports indicate that mining operations around the globe are gearing up for record production.

In Venezuela, for example, President Hugo Chavez has formed the National Mining Corporation, which will take back underutilized mines and increase production in that country. At the same time, Australia and Canada are drawing investors for mineral exploration. In Africa, Namibia’s stable government has paved the way for mining investments by offering mineral royalties, and is optimistic that the 28 percent diamond production increase during 2004 will be repeated.

Increases in diamond imports also bode well for investors. In China, for example, imports increased by 11 percent in 2005.

The next time the Red Carpet is rolled out, expect to see Hollywood’s male elite sparkle – and maybe even outshine – their female co-stars!