CNBC reported the United Arab Emirates is rapidly becoming a force in trade in diamonds.

As quoted in the market news:

Dubai, the UAE’s center for gem trade, handled $35 billion worth of rough and polished diamonds in 2010, a leap from an annual figure of just $3 million a decade ago, according to Malcolm Wall Morris, chief executive of the Dubai Multi Commodities Center (DMCC).

Click here to read the full CNBC report.