Kingold Jewelry Signs Agreement with Shanghai Laofengxiang

Kingold Jewelry, Inc., one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, announced it has entered into a major gold-processing agreement with Shanghai Laofengxiang Jewelry Research Institute Co., Ltd. ("Shanghai Laofengxiang"), a subsidiary of Shanghai Laofengxiang Co., Ltd -- the leading gold jewelry retailer in China listed on the Shanghai Stock Exchange.

Pursuant to the agreement, Kingold will process a variety of 24-karat gold jewelry products (rings, necklaces, bracelets) for Shanghai Laofengxiang beginning immediately until December 31, 2013.   Kingold will process at least 5 tons, or approximately 176,370 ounces, of jewelry products until the expiration date of the agreement. In contrast, Kingold processed around 2 tons of gold jewelry for Shanghai Laofengxiang in 2011. Based on the processing fee of RMB 10.6 yuan per 1 gram of 24-karat gold, this would equate to approximately RMB 53 million or US $8.4 million of processing fees in the next five quarters. 

Shanghai Laofengxiang Co., Ltd. is a leading jewelry research, production, trade and retail company, which has been based in Mainland China since 1848.  Shanghai Laofengxiang is one of the "Time-Honored Brands" and "Famous TradeMarks of China", and its products have been distributed in its 700 plus chain-stores and 2000 sales network across China, with 98% market coverage and Shanghai Laofengxiang's brand equity is approximately to RMB 7.6 billion.

Related Links

Primitive Set to Exhibit Collection of Rare Pre-Columbian Stone Votives That May Carry a Message from 'Mother Earth' June 18, 2013

Handcrafted Jewelry Designer Jenne Rayburn Joins Melrose Summer Stroll, 6/20 June 18, 2013

Art Project Los Angeles Features Shepard Fairey, Ed Ruscha, David Anson Russo, and More, 6/29 June 18, 2013

Jewelry Designer Alex Woo Designs Baseball Themed Jewelry June 18, 2013

Shepard Fairey, Ed Ruscha, David Anson Russo, & More Featured at Art Project Los Angeles June 18, 2013