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Polygon Teams with Jewelers Vigilance Committee - 12/01
Golden CO. December 3, 2001 — Polygon, the jewelry industry's online marketplace, and the Jewelers Vigilance Committee (JVC), have teamed up to offer JVC's dispute resolution to Polygon members on an as-needed basis.
"We have an in-house method where members can work out their differences," says Polygon's CEO Jacques Voorhees. "But, we know that some of our cases will need more legal and mediation expertise than we are able to provide inside Polygon. For these reasons, we're proud to announce that we've formally chosen JVC as our outside arbitrator. We know our members will benefit from the JVC's vast experience in this area."
"Annually, the JVC deals with over 400 cases that need resolution," says JVC's Executive Director and General Counsel Cecilia L. Gardner. "Our goal is to successfully mediate between the two parties to ensure a mutually acceptable resolution. And, in most cases, the two parties are willing to do business with each other again as a result of our expertise in this arena."
When disputes between members arise, the first step will be to go through the Polygon resolution system to find a resolution. If the matter exceeds the capabilities of Polygon's in-house system, the matter may be referred to JVC for resolution. Daily, Polygon members buy and sell more than several million dollars in merchandise, and most of these transactions occur without problem. "While very few of our member's transactions result in problems, we wanted to have a comprehensive system in place, should the need arise," concludes Polygon's Voorhees.
Polygon, which went into operation in 1983, was the first on-line marketplace for the diamond and jewelry industry, and is today the largest and most active. Polygon's CertNet database, alone, now holds more than $800 million in loose diamonds - the world's largest inventory of loose diamonds accessible to independent retailers. Polygon members also trade heavily in colored stones, watches, estate jewelry, and other merchandise.
The Jewelers Vigilance Committee, founded in 1912, is a not-for-profit trade association whose mission is to maintain the jewelry industry's highest ethical standards. JVC offers dispute arbitration, precious metals testing and education, among many other services. JVC is considered the industry's guardian of ethics and integrity, and is a resource for both trade and consumers.
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