After a glittering first quarter in which its net sales and income boomed, Chinese 24-karat gold jewellery manufacturer/designer Kingold Jewelry is about to open its Kingold Jewelry Cultural Industry Park in Wuhan City.
Cold weather and the Chinese Spring Festival holiday season delayed the park’s opening from last month, and the project is now expected to be ready at the end of this month.
“We look forward to the Jewelry Park becoming a bridge between upstream and downstream companies within the jewelry industry,” says chairman/CEO Zhihong Jia. “We expect increased sales upon the opening of the park, as well as a greater level of collaboration and exchanging of ideas among our jewellery industry tenants, which will increase Kingold’s brand awareness as well as expand and diversify our customer base.”
Kingold’s net sales for the first quarter of this year were up 37 per cent from the same period last year, from $206.2 million to $282.2 million. Net income grew 131 per cent from $6.6 million to $15.2 million, while gross profit ballooned by 165 per cent to $285.5 million from $10.8 million.
During the period, the company processed 14.8 tonnes of 24-karat gold products, an increase of 20.1 per cent from 12.3 tonnes.
Based in Wuhan City, Kingold was founded in 2002. It sells both directly to retailers as well as through major distributors across China, and has received numerous industry awards.