Luxury Lifestyle

Young, rich and ready to spend. According to a survey by The Boston Consulting Group, young Chinese consumers are emerging as the world's largest luxury market. The survey, which was conducted at the height of last year's recession, shows that Chinese consumers aged 25 to 35 years of age have not only the desire, but also the cash to buy an increasing number of luxury goods. The survey shows that not only were most of the luxury goods purchased in China bought-up by this age group, but that the young consumers' incomes are continuing to increase, a trend that is good news for foreign luxury brands. David Wolf, president of...

Gianni Versace SpA has announced the fashion house's first cellular phone design. According to the Wall Street Journal, the phone was designed by Donatella Versace and will retail for upwards of $5,000 when it debuts in May. VIP clients, however, won't have to wait until May to get a peek at the luxe new cell. The phone's design will be unveiled next week in a private couture presentation at the Hotel Plaza Athénée in Paris. The Versace phone was created in conjunction with ModeLabs Group SA, which has...

A so-called "vivid pink" 5-carat diamond went for a staggering sum of $10.8 million today at auction in Hong Kong. The extremely rare gem, set by London jeweler Graff Diamonds and considered "potentially flawless" (the second highest rating for a diamond) broke a per-carat record set in May by Hong Kong's Joseph Lau, who bought a 7.03-carat blue diamond for $10.5 million. The pink diamond was sold via telephone to an undisclosed bidder who snatched it from Chinese millionaire Liu Yiqian and his wife Wang Wei, who were in the room at Christie's...

Michelle Obama's Naeem Kahn gown drew the most gasps at the Obamas' first state dinner last week, but it is her jewelry that is getting a second look. The first lady wore sparkling, shoulder-dusting earrings by luxury jeweler Bochic to the dinner, which honored the Prime Minister of India and his wife. The earrings, which the company says are one of a kind, featured rose cut diamonds, amber and tourmaline. "When we designed the earrings we wanted to integrate both Eastern and Western design elements," designer David Joseph said in a news release. "We were drawn to the orange hue of the natural amber...

After a dismal year for luxury retailers, sales of luxury goods are expected to grow next year, according to a report by Bank of America Merrill Lynch. Led by the fairly strong accessories sector, which includes shoes and handbags, sales should grow about 5 percent in 2010. Thanks to cost-cutting measures enacted this year, core profits should rise about 17 percent, according to the report. Demand for luxury goods has declined during the global recession. Sales have fallen 8 percent this year, according to U.S.-based consulting firm Bain and Co.

A year's worth of waiting has come to an end: Neiman Marcus's highly anticipated annual Christmas Book is now available for browsing and buying. This year's book is full of everything from designer duds to high tech gadgets . Whether it's a couture frock that you're after, or a C.F. Martin & Co. guitar, this year's Christmas Book has what you want (and need!). Here are our picks: For Him: Either the 2010 Jaguar XJL Supercharged Neiman Marcus Edition for the car enthusiast, or the Maker's Mark Distiller Experience for the man who loves learning about his drink as much as sipping it. Price: $105,000 and $7,500 For Her: Choose from lush,...

It's the holiday season and what more could you want than a white Christmas? A sparkling one, of course! Lucky for you Tiffany has risen to the occasion with a dazzling collection of new babbles for the winter season. A stand-out, the Tiffany Keys collection, consists of an array of key shaped charms, available in varying shapes, metals, stones, and sizes. Particularly lovely is the intricate Tiffany Keys Kaleidoscope key pendant, crafted from platinum and inlaid with marquis, square, and round brilliant diamonds. Another beauty is the Bow Ring with round brilliant diamonds in platinum. For younger recipients (or just the young at heart!),...