Chow Tai Fook Jewellery recently bought the Cullinan Heritage Diamond, a rare 507-carat uncut stone, for $35.3 million.

Chow Tai Fook is one of the few Hong Kong firms to become a member of De Beers, the world's largest diamond distributor.

The Standard reported Wednesday that the Hong Kong diamond company was extremely proud of winning the diamond bid, since it is not only profitable, but also carries promotional value – Chow Tai Fook's acquisition of the flawless white-colored Cullinan Heritage Diamond has generated mass media interest.

Hong Kong jewelers have been penetrating mainland China's market in a big way in recent years. Apart from gold, prospects for the diamond business are as sparkling as the product itself.

Diamond retailing in the China is picking up speed, and as the trade's leader with an extensive network of shops, bidding for the rare stone was a logical move for Chow Tai Fook. It had the financial strength to do so, and there is the potential to make a handsome profit on it.