March 31 (Reuters) - Chinese jewelry maker Fuqi International Inc (FUQI.O) posted better-than-expected quarterly results, driven by growth in its wholesale business, and forecast a first-quarter earnings range that was largely above market estimates, sending its shares up as much as 18 percent.

Fuqi Jewelry - (Photo from: www.fuqi.com.cn)

"We believe the long-term outlook for our wholesale and retail jewelry market in China remains positive," CEO Yu Kwai Chong said in a statement.

For the first quarter, the company expects earnings of 31 cents to 35 cents a share and total revenue of about $106 million to $108 million.

Analysts on average expect earnings of 32 cents a share, before special items, on revenue of $114.4 million, according to Reuters Estimates.

The company, whose design database include items made from platinum, gold, karat gold, diamonds and other precious metals and stones, said net income for the quarter rose 31 percent to $9.7 million, or 45 cents a share, from a year ago.

Revenue at the company, which sells its products directly to distributors, retailers and other wholesalers, surged 135 percent to $129.5 million.

Wholesale business contributed about $123 million.

Analysts on average expected a profit of 31 cents a share, before special items, on revenue of $117.3 million, according to Reuters Estimates.

Shares of the Shenzhen, China-based company, were trading up 58 cents at $4.87 in morning trade on Nasdaq. They hit a high of $5.07 earlier in the session. Fuqi went public in October 2007 at $9 per share. (Reporting by Poojya Trivedi in Bangalore; Editing by Jarshad Kakkrakandy)