Dubai  - Dubai's pearl trade rose dramatically last year despite the global economic crisis, according to statistics released on Tuesday by the Dubai Pearl Exchange.

The value of the loose pearl trade in the glitzy emirate grew from 22 million dirham (5.99 million dollars) in 2007 to over 95 million dirham during 2008, and experts believe it has more room to grow.

Ahmed bin Saleem, Executive Chairman of the Dubai Multi Commodities Centre (DMCC) said that the launch of the Dubai Pearl Exchange, a subsidiary of the DMCC, has provided a much-needed structured platform to facilitate and monitor the pearl trade.

"Since its launch in 2007, Dubai Pearl Exchange (DPE) has underscored the UAE's contribution in this international market," Saleem added. (dpa)