WUHAN CITY, China, January 18, 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 it has opened its first direct retail store in City of Wuhan, one of China's largest cities where the company is headquartered in.
The first Kingold Jewelry Store is located inside the Wuhan World Trade Plaza. Wuhan World Trade Plaza, a 60-story high landmark building in the center of downtown Wuhan, has more than 80,000 square meters of retail shopping area. Wuhan World Trade Plaza Mall, along with two adjunct retail complexes (Wuhan Square and Wuhan International Plaza), is considered the largest and business shopping mall area in Hubei province. According to estimates, this area accounts for about 60% of retail gold jewelry sales in Wuhan. The new Kingold Jewelry Store will sell a wide range of Kingold's owned, designed and manufactured products, include 24 karat gold jewelry, household ornaments, investment related products such D°？？ gold coins and bars.
"We are thrilled to launch Kingold's first retail store in China just ready for the robust consumer demand during the upcoming Chinese New Year holidays," commented by Mr. Zhihong Jia, Chairman and CEO of Kingold. "While we continue to grow our traditional sales to jewelry distributors and wholesalers, Kingold has recently begun to expand our sales channel directly to more affluent consumers throughout China. In the second half of 2011, we entered the B2C e-commerce business by launching m-gold.com.cn. We also partnered with some of China's largest banks, such as Bank of Communication and China Merchant Bank, to provide investment-oriented gold products to their customers."
Mr. Jia concludes, "The opening of the Kingold Store, together with our other direct sales models targeting Chinese gold jewelry buyers and gold investors, will allow us to continue expanding into higher margin products as well as building Kingold's brand awareness and market share in China."
About Kingold Jewelry, Inc.:
Kingold Jewelry, Inc. (NASDAQ: KGJI), 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. Sales have grown from $29 million in FY 2006 to $523 million in FY 2010 with net income attributable to common stockholders growing from $1.3 million to $18.2 million over the same period. 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
www.kingoldjewelry.com
