As wealth surges in China, there's also been a spike in luxury spending. For example, the country's jewelry industry was $14 billion in 2005 and is expected to be the largest – in the world – in about two years.

Riding the wave is Fuqi International (NASDAQ: FUQO -- quote not available on AOL yet), one of the top jewelry makers in China. In fact, the company has gone public today, with the stock rising 16% to $10.47 (this is after the stock priced at the high end of its $7-$9 range).

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