Kingold Jewelry, Inc. ("Kingold" or "the Company") (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 delivered an initial shipment of 24-karat gold jewelry product samples to the Middle East Region.
In light of the substantial increase in the Company's 24-karat gold processing volume and sales in recent years, management is now seeking to further the Company's international presence, selecting the Middle East as its initial strategic market. Kingold recently received a 30-day gold and gold products import and export permit from the People's Bank of China ("PBOC") Wuhan Branch enabling it to carry out the initial shipment of samples to the Middle East.
The permit was issued under the Notice of General Customs Administration of People's Republic of China and People's Bank of China (No. 3 ) which came into force on January 21, 2008. The Company believes the release of gold and gold product import and export rights to non-state-owned enterprises from the People's Bank of China will underpin the development of the Company's 24-karat export trades, and will plan to apply for further permits as and when additional orders from the Middle East are placed.
Mr. Zhihong Jia, Chairman and CEO of Kingold, commented, "We are pleased to have begun shipping our product samples to the Middle East and to have officially embarked upon our planned international expansion. The Middle East is one of the major global markets of and forgold products, and has historically focused on 20-karat and 22-karat jewelry products; however, after having performed certain market research in-house, we believe that our 24-karat gold jewelry products will be well received in the region, in large part due to their purity, their glamour and their value retention. The PBOC's recent grant of gold import and export rights to companies like Kingold is therefore a milestone event, and we believe it will greatly enhance Kingold's overseas market expansion."
Chairman Jia continued, "We believe the recent initial shipment of our 24-karat gold jewelry product samples to the Middle East will result in the commencement of regular orders in the near future. While 24-karat gold jewelry products currently represent a relatively small percentage of our processing volume, we expect this percentage to increase after the completion of our planned Kingold Jewelry International Industry Park. In addition, we expect that the expansion of our business into overseas markets will benefit Kingold's global brand awareness and ultimately lead to an increase in Kingold's gold processing volume."
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (KGJI), centrally located in Wuhan City, one of China's largest cities, 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.
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