Dubai's diamond trade has "surged" in the past six years to become the fourth-largest diamond trading hub in the world, with a current value of some $35 billion, Dubai Multi Commodities Centre (DMCC) CEO Malcolm Wall Morris told Arabian Business.

The Dubai Diamond Exchange (DDE) was founded in 2004, and in 2010 saw 268.8 million carats of diamonds bought and sold – a 50% increase from the 178.1 million carats traded in 2009.

The country's polished diamond imports rose 88% in 2010 to a total of 90 million carats valued at $13.3 billion, while its polished exports soared 128% to 73.6 million carats with a total value of $14.6 billion. Rough diamond imports were up 13% to 50.4 million carats, while exports of rough diamonds stood at 54.7 million carats.

Dubai's top diamond trading partners are India, Belgium, Hong Kong, and Switzerland, although trade in on the increase with emerging African markets such as Angola and the Democratic Republic of Congo.

Speaking ahead of the 2011 World Federation of Diamond Bourses Presidents' Meeting, which was held April 11-14 in Dubai, WFDB President Avi Paz noted that Dubai was a "fast-growing diamond trading center and distribution hub."