Polygon, the jewelry industry’s online marketplace, and the Dubai Metals and Commodities Centre, a free-trade zone 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 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.
“This joint venture will bring additional resources needed to grow Polygon in some of the most strategic areas for our industry, said Jacques Voorhees, founder and CEO of Polygon. “With the gem and jewelry 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., 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 (Dubai) Diamond Exchange needs to include an online component for global trading in the 21 Century,” said David Rutledge, chief executive officer of DMCC and chairman of the Dubai Diamond Exchange. “Rather than build it ourselves, it made sense to turn to industry-leader Polygon and leverage the strength of the two organizations.”