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.