WUHAN CITY, China, May 16, 2012 /PRNewswire-Asia/ -- Kingold Jewelry, Inc. (NASDAQ: KGJI), one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced that the Company was selected as a designer and manufacturer for a new line of high-quality, 24-karat gold products to be offered by the World Gold Council (WGC). The agreement, which runs through 2012, was signed between Kingold and the WGC on May 14, 2012. The product line, titled "Youth Millennial," targets the affluent jewelry consumer in China.
Kingold was selected after a thorough testing process, and is one of only a few select jewelry designers designated to design and promote the "Youth Millennial" product line. The pricing of these products will be based upon its specific design quality and unique attributes. Traditionally, jewelry sold in China has been largely tied to the weight of the product. The WGC will serve as the primary marketers and promoters of the product line and intends to host certain retail fairs and trade conferences and focus initially on the three major markets of Beijing, Shanghai and Hangzhou. Kingold will design, manufacture, and deliver the products to the WGC's designated retailers and also will help to promote the product line.
Mr. Zhihong Jia, Chairman and CEO of Kingold, said, "We are delighted to continue our close working relationship with the World Gold Council. This new sales model wil use the piecework selling model instead of the by weight model. We expect that these pieces will be received favorably by China's upper and rising middle classes, which have trended towards paying a premium for high-quality, branded products. We feel that selection by the WGC is a testament to Kingold's quality and reputation within its industry, and that this agreement could help to both improve our sales during 2012 and also open the possibility of additional collaboration in the future."
About the World Gold Council
The WGC is the market development organization for the gold industry. Working within the investment, jewelry and technology sectors, as well as engaging in government affairs, the purpose is to provide industry leadership, while stimulating and sustaining demand for gold.
The WGC provides insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.
Based in the UK, with operations in Asia, Europe and the US, the WGC is an association whose 23 members comprise the world's leading gold mining companies, representing approximately 60% of global corporate gold production.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc., centrally located in Wuhan City, China's fourth largest city, was founded in 2002 and today is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Kingold's SEC filings available at www.sec.gov, including Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Company Contact
Kingold Jewelry, Inc. |
Bin Liu, CFO |
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China) |
Email: bl@kingoldjewelry.com |
Investor Relations:
The Equity Group Inc. | |
Adam Prior, Vice President | Katherine Yao, Account Executive |
(212) 836-9606 | 86 10-6587-6435 |
