Dubai's polished diamond trade hit $5.29 billion for the first six months of 2008, said the Dubai Diamond Exchange, a subsidiary of the Dubai Multi Commodities Centre (DMCC), in a report.

Imports of polished diamonds rose 99 per cent to $2.94 billion for the first half from $1.48 billion for the same period last year, according to the Gulf News report.

Exports surged 153 per cent to $2.35 billion compared to $929 million for the same period a year ago.

The DMCC is holding the first Middle East-China Diamond and Jewellery Summit to further build on this strong performance.

More than 600 diamond traders and retailers are taking part in the summit to be in Dubai on November 8 and 9,

The surge in Dubai's polished diamond trade was mainly fuelled by the key trading partners of India, Belgium and Hong Kong, which together accounted for $4.62 billion in total trade volumes.