Dubai's diamond trade might soon surpass its gold trade in value, Dubai Multi Commodities Centre CEO Malcolm Morris has told the Dow Jones Newswires.

While gold remains the top commodity for Dubai, Morris explained, the city's diamond trade was flourished on increased demand from diamond markets like India and Hong Kong. "If diamonds continue the way they are, then it is very possible they could overtake [gold]," Morris said.

The financial crisis sent gold prices spiralling. In 2010, Dubai's total gold trade hit a record $41.3 billion. While the number marks an 18% increase by value over 2009, the trading hub's gold imports increased by 1% only and its gold exports decreased by 8.3% compared to the previous year.

Dubai's diamond trade, meanwhile, nearly doubled from 2009 to 2010, reaching a record 268.7 million carats worth a total $35.1 billion, making the city one of the world's fastest-growing diamond trading hubs.