Polygon to Expand Across Africa, Asia and the Middle East

December 16, 2005

Polygon to Expand Across Africa, Asia and the Middle East

Polygon, the jewelry industry's business-to-business online marketplace, and the Dubai Metals and Commodities Centre, a free-trade zone and an initiative of the Government of Dubai, 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," said 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.

"DMCC is affiliating with the very top players in their fields," noted David Rutledge, CEO of DMCC and chairman of the Dubai Diamond Exchange, a World Federation of Diamond Bourses 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 B-to-B network for this industry, and its ownership by Mediagrif gives it a world-wide technology and customer-support infrastructure that is ideal for international trade."

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