RAPAPORT… Sales and profit increased at Kingold Jewelry in the second
quarter as the China-based gold supplier introduced new products to meet
growing demand for the yellow metal.
Total revenue climbed 43% year on year to $678.8 million in
the three months ending June 30, the manufacturer and designer of jewelry,
ornaments and investment products said last week. Profit jumped 69% to $13.6
million.
“During the quarter, we have witnessed a strong growing
demand for 24-karat gold jewelry and investment products in China,” said Kingold CEO Zhihong Jia. “Our
management quickly adjusted the product mix in response to market demand with
additional trendy design jewelry products and value-preserving investment gold
products.”
Chinese gold-jewelry demand rose 5% in the second quarter,
the World Gold Council reported this month.
Kingold Sees Spike in China Gold Demand
The Bottom Line
- Kingold's Q2 revenue rose 43% year-over-year to $678.8 million, with profit up 69% to $13.6 million.
- The company expanded its product mix to include trendy 24-karat gold jewelry and investment items to meet growing Chinese demand.
- Chinese gold jewelry demand increased 5% in Q2, according to the World Gold Council.
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