Press Room
Polygon expands across Asia & Africa in US$12 million joint venture with DMCC
Polygon, the jewellery industry's largest B2B online marketplace, and the Dubai Metals and Commodities Centre (DMCC), a free-trade zone and an initiative of the Government of Dubai, announced today they had formed a joint venture corporation to support the expansion of Polygon throughout Africa, Asia, and the Middle East. Headquartered in Dubai and operating under the name Polygon DMCC, the joint venture will be responsible for marketing the Polygon network throughout a wide region stretching from South Africa to Korea, and including the fast-growing markets of China, India, Thailand and the Arabian Peninsula.
The $12 million joint venture has been capitalized by its two owners, DMCC and Mediagrif Interactive Technologies, the owner of Polygon.
"Polygon is well established in North America," noted Jacques Voorhees, founder and CEO of Polygon, "but this joint venture will bring additional resources needed to grow Polygon in some of the most strategic areas for our industry. With the gem and jewellery market globalizing rapidly, and Dubai positioning itself as a headquarters trading centre for much of the Eastern hemisphere, Dubai is both an ideal base of operations, and DMCC is a natural joint venture partner. In addition to bringing the advantages of online B2B sourcing and marketing to Asia and Africa, we also hope to produce value-added for our existing Polygon customers who will now be connected to sources of supply and emerging new markets not previously accessible."
"DMCC is affiliating with the very top players in their fields," noted Dr. David Rutledge, Chief Executive Officer of DMCC and Chairman of the Dubai Diamond Exchange, a WFDB affiliate. "In the case of online trading in the diamond industry, that means Polygon. Clearly, what we are doing in Dubai, with the creation of the market-specific infrastructure, the free trade zone, and the Diamond Exchange needs to include an online component for global trading in the 21st century. Rather than build it ourselves, it made sense to turn to industry-leader Polygon and leverage the strength of the two organizations-not just in Dubai but across Asia and Africa. Polygon is renowned as the most active B2B network for this industry, and their ownership by Mediagrif gives it a world-wide technology and customer-support infrastructure that is ideal for international trade."
Polygon creates a US$12 million joint venture with Dubai Metals and Commodities Centre to support its expansion the Middle East, Africa and Asia.
From left to right: Jacques Voorhees, Founder and CEO - Polygon, Ahmed bin Sulayam, COO - DMCC, Tawfic Farah, Executive Director-Diamonds & Coloured Stones, DMCC.
Contact:
Nagla Elrufaie, Media Relations Executive, DMCC 9714 3903 899
Krista Olson, VP/Marketing, Polygon, 1 970 262 7200
Kathy Roberge, Director of Communications, Mediagrif, 1 450 677 8797
About Polygon
PolyGroup, Ltd., the operator of the Polygon network, began operations in 1984. Polygon has been the leading online Internet marketplace for jewelry industry professionals for over 20 years and presently connects thousands of retail jewelers, gem and jewelry industry suppliers, and others in the trade, who in aggregate conduct millions of dollars a day in transactions. Polygon's features include one of the largest combined inventories of polished diamonds on Earth: over $2.1 billion at wholesale value, supplied by several hundred dealers. Polygon also includes active forums and databases for colored stones, finished jewelry, and watches. Other business units within PolyGroup include SiteInfusion, patent pending software for co-op marketing on the Internet between suppliers and retailers; TradeLock, a password protection technology for jewelry industry websites, and WebActive a website design firm. For more information, visit www.polygon.net; www.siteinfusion.com; www.tradelock.com; and www.webactivedesign.com
About DMCC
The Dubai Metals & Commodities Centre (DMCC), rated 'A' by Standard & Poors was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity marketplace in Dubai. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. To learn more about DMCC, please visit www.dmcc.ae To view DMCC's corporate video: www.dmcc.ae/about_video2.htm
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a world-leading operator of e-business networks and provider of complete e-business solutions. Mediagrif's e-business networks allow buyers and sellers within specific industries to source, purchase or sell products and to exchange documents more efficiently using the Internet. Mediagrif operates 13 networks, including industry leaders The Broker Forum ( www.brokerforum.com ) Power Source On-Line ( www.powersourceonline.com ), Telecom Finders ( www.telecomfinders.com ), Global Wine & Spirits ( www.globalwinespirits.com ) and Polygon ( www.polygon.net ) in the jewelry industry. The company also owns MERX ( www.merx.com ), the exclusive provider of e-tendering services to the federal government of Canada, and is a leading provider of government bid aggregation services and e-procurement services in the U.S. Headquartered in Montreal, Mediagrif through its subsidiaries has various offices in Canada and the United States. For more information on Mediagrif please visit www.mediagrif.com or call 1 (877) 677-9088.
Press Release 12-12-05: Mediagrif creates a joint venture with Dubai government initiative
Most recent articles
3 most recent article publications to appear here with following format:
Member Login
