WUHAN, China, Oct. 11, 2011 /PRNewswire-Asia/ -- Following the successful conclusion of a two month beta Kingold has just launched its new e-commerce business at www.m-gold.com.cn.
The new site carries a wide variety of Kingold's higher-end 24 karat gold products which are designed and manufactured in-house at Kingold's facility in Wuhan. Products include jewelry, household ornaments, investment related products such as gold coins and bars, and M-Gold, Kingold's branded line of marriage products; and will target newly affluent customers throughoutChina.
"We are excited about launching our internet business and believe that we are the first major jewelry designer and manufacturer to sell 24 karat gold products on-line. This initiative will enable Kingold to take it's beautifully designed and executed products directly to consumers throughout China, many of whom have up till now not had the ability to purchase our products," commented Chairman Jia. "It will also result in far higher margins to Kingold than our traditional business model, where we primarily supply to distributors, not to end-users."
E-commerce is growing explosively in China, with over 150 million people shopping online in China today, according toShanghai-based iResearch. One of the reasons behind this growth is that consumers feel more comfortable shopping online as a result of third-party payment systems such as Alipay, and the increasing acceptance of debit and credit cards.
"Building our Internet presence is one of the many strategies we are employing in building Kingold into the major national brand of 24 karat gold products in China," continued Chairman Jia. "We expect to announce other initiatives in the near future which will serve to reinforce these efforts and set the basis for our continued expansion."
Customers will be able to pay for purchases from the new site both directly, via online banking, and indirectly, through third party payment systems.
About Kingold Jewelry, Inc.:
Kingold Jewelry, Inc. (NASDAQ: KGJI - News), centrally located in Wuhan City, one of China's largest cities, was founded in 2002 and today is one of China's leading designers and manufacturers of 24-karat gold jewelry and ornaments sold by weight. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. Sales have grown from $29 million in FY 2006 to $523 million in FY 2010 with net income attributable to common stockholders growing from $1.3 million to $18.2million over the same period. For more information, please visit www.kingoldjewelry.com.
