Dubai's diamond trade hit a record volume and doubled by value in 2010, the Dubai Diamond Exchange announced this week, quoting statistics provided by the Dubai Customs Strategy & Corporate Excellence Department.

Diamond trade volume increased from 178.1 million carats in 2009 to 268.7 million carats in 2010, while the value of the diamonds imported and exported rose from $17.9 billion to $35.1 billion.

Polished diamond imports for the year totaled 90 million carats with a combined value of $13.3 billion, an 88% increase over 2009. Rough diamond imports stood at 50.4 million carats, a 13% increase over 2009, but due to the spiraling cost of rough product, the value of Dubai's rough imports soared 83% to hit $3.3 billion.

Rough exports for 2010 totaled 54.7 million carats valued at $3.8 billion – an 81% increase over the previous year, and polished exports leapt 128% to a total volume of 73.6 million carats valued at $14.6 billion.

Executive Chairman of the Dubai Multi Commodities Centre Authority (DMCC) Ahmed bin Sulayem called the trade in over $35 billion worth of diamonds an "amazing achievement, especially under the challenging economic environment."

Bin Sulayem noted that Dubai was one of the world's fastest-growing diamond centers, a sentiment echoed by World Federation of Diamond Bourses President Avi Paz ahead of this year's WFDB Presidents' Meeting, which opened in Dubai on Monday and runs through Wednesday, April 13.