Kingold Jewelry, Inc. Announces Operating Results for the Third Quarter and Nine Months Ended September 30, 2019; Revises Operating Guidance for the Year 2019
November 12, 2019 at 04:15 pm EST
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Kingold Jewelry, Inc. announced operating results for the third quarter and nine months ended September 30, 2019. For the quarter, the company processed a total of 13.7 metric tons of gold, of which branded production accounted for 9.3 metric tons (68.0%) and customized production accounted for 4.4 metric tons (32.0%). During the three months ended September 30, 2018, the Company processed a total of 29.6 metric tons of gold, of which branded production accounted for 16.6 metric tons (56.1%) and customized production accounted for 13 metric tons (43.9%).
For the first nine months, the company processed a total of 63.6 metric tons of gold, of which branded production accounted for 35.3 metric tons (55.5%) and customized production accounted for 28.3 metric tons (45.5%). During the nine months ended September 30, 2018, the Company processed a total of 80.5 metric tons of gold, of which branded production accounted for 46.5 metric tons (57.7%) and customized production accounted for 34.0 metric tons (42.3%).
The company has seen gold demand begin to recover following the conclusion of the quarter as gold prices have stabilized. As a result of the shift in demand, the company is revising guidance to around 110 metric tons of 24-karat gold products in 2019.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Announces Operating Results for the Third Quarter and Nine Months Ended September 30, 2019; Revises Operating Guidance for the Year 2019