Beijing reported Tuesday that China's polished diamond trade – imports and exports – rose to $1.52 billion (+16.1%) in 2009.

Diamond Net, quoting a Diamond Administration of China (DAC) statement, said that China's diamond imports, received through the Shanghai Diamond Exchange, added 30.7% to $699 million. China recently claimed that it had surpassed Japan as the world's No.2 diamond market in 2009.

Japan’s polished diamond imports between January and November 2009 dropped 21% percent to $575.3 million, according to the Japanese Finance Ministry. The US is the world's largest diamond market, but its net polished imports slumped by 45%, to $2.5 billion, for the same time period.

China's statement noted that imports were spurred by its economic growth and the expansion of the domestic jewelry market.