We report a synthesis route for the growth of Co:ZnO/ZnO core/shell quantum dots. This procedure consists of successive steps, comprising the addition of diluted precursor salt solutions, and heat treatment at 50 degrees C. By deriving a relation between the extinction coefficient at 250 nm and the nanocrystal diameter, we are able to monitor changes in quantum dot concentration during shell growth. We found that a mechanism based on the nucleation of new particles after salt addition and subsequent Ostwald ripening during the heat treatment is responsible for the shell growth. Based on ligand-field absorption spectroscopy, we demonstrate that the Co(2+) ions adsorbed at the surface of Co:ZnO quantum dots are incorporated inside the ZnO shells. Finally, EPR spectroscopy indicates that the surface-adsorbed Co(2+) ions can be incorporated as substitutional as well as interstitial Co(2+) ions.