Kingold Jewelry announces positive Q3 earnings report

Kingold Jewelry, a leading Chinese designer and manufacturer of high-quality, 24-karat gold jewelry and investment-oriented products released a positive Q3 earnings report late last week showing sales increased to $210.7 million and profit doubled to $10 million despite a hefty increase in raw material costs.
”We have worked to maintain a smooth operation in the third quarter of 2011 despite a very volatile gold market during the period,” said Zhihong Jia, chairman of Kingold Jewelry. “After conducting successful trials of our investment-oriented gold line, we have been working closely with our partners in the banking sector to roll out investment related gold products across China. Our two new distribution centers in Shenzhen and Beijing have also started to perform well, helping us expand smoothly over major local markets in Southern and Northern China.”
The company recently launched an e-commerce site for its high-end line M-Gold, making it the first time the company has sold directly to the consumer and the first company to sell 24-karat gold online.